We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.72%, while traders in US 500 are at opposite extremes with 71.66%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/fRKIEW9Qe9
  • Heads Up:🇪🇺 EUR German Unemployment Claims Rate s.a. (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 5.1% Previous: 5.0% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Heads Up:🇪🇺 EUR German Unemployment Change (000's) (MAR) due at 07:55 GMT (15min), Actual: N/A Expected: 25.0k Previous: -10.0k https://www.dailyfx.com/economic-calendar#2020-03-31
  • Commodities Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 4.54% Silver: 0.77% Gold: -0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/3CdfglYP4g
  • #Bitcoin prices may see a pickup in volatility ahead of the 2020 halving as the #coronavirus pandemic threatens to disrupt cross-continental $BTC mining operations. Get your market update from @ZabelinDimitri here: https://t.co/BoH24MVf4P https://t.co/yuEA4wdlS9
  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.06% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.17% 🇨🇭CHF: -0.48% 🇯🇵JPY: -0.61% 🇬🇧GBP: -0.87% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hOyPH71ZfE
  • Indices Update: As of 07:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.85% France 40: 1.47% US 500: 0.46% Wall Street: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/UxILaRvSdH
  • 🇨🇭 CHF Retail Sales Real (YoY) (FEB), Actual: 0.3% Expected: N/A Previous: -0.1% https://www.dailyfx.com/economic-calendar#2020-03-31
  • Missed today's #AUDUSD weekly outlook webinar? See the recording here - https://t.co/6k1KCuxr50 Some of the topics discussed were: - #coronavirus economic impact - #Fed #QE as catalyst for AUD rise - scope for renewed #USD gains
  • RT @DailyFXEspanol: Análisis del $XAUUSD: El precio del oro se estanca, ¿qué nos dice el gráfico? #trading #covid19 https://t.co/7x2Zdt0AnA…
Trading  the USDCAD Triangle- Weekly Opening Range in Focus

Trading the USDCAD Triangle- Weekly Opening Range in Focus

2014-03-17 17:17:00
Michael Boutros, Strategist

Talking Points

  • USDCAD trading near highs of multi-month consolidation pattern
  • Weekly opening range in focus- break to offer conviction scalp bias
  • Event risk on tap from US & Canada this week

USDCAD Daily Chart

Forex-Trading--the-USDCAD-Triangle--Weekly-Opening-Range-in-Focus_body_CAD_DAILY.png, Trading  the USDCAD Triangle- Weekly Opening Range in Focus

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCAD in consolidation formation after breaking multi-year TL in January
  • Key resistance 1.1130/57- bearish invalidation
  • Breach targets objectives at 1.1223/38 & 1.1300
  • Support 1.1030, 1.0970- bullish invalidation
  • Broader outlook constructive above 1.0825/30
  • Daily RSI challenging 50-break (bearish)
  • Key Event Risk: FOMC Interest Rate Decision on Wednesday, US Existing Homes Sales on Thursday & Canadian Retail Sales & CPI on Friday

USDCAD Scalp Chart

Forex-Trading--the-USDCAD-Triangle--Weekly-Opening-Range-in-Focus_body_CAD_Scalp.png, Trading  the USDCAD Triangle- Weekly Opening Range in Focus

Notes: Last month we highlighted an outside day reversal ahead of key support at 1.0905 that shifted our attention back to the topside of USDCAD. The resulting rally achieved two of our three objectives before failing at the 1.1157 target. The March open looks to have formed just below this region and while our broader outlook remains weighted to the topside, we cannot rule out at test of the multi-month consolidation pattern we’ve been in since the January high. Bullish invalidation has now been brought up to 1.0970.

The immediate focus is on the weekly opening range which we’ll define as 1.1030/40 – 1.1106 (taking into account key 6.18 ratios just below the NY low). Note that there is significant event risk on tap this week with the FOMC policy decision on Wednesday and key Canadian data prints on Friday. We’ll respect a break-out of this range heading into the end of this week while noting that a downside break of the consolidation pattern would shift our attention down towards 1.0905 and key support at 1.0825/30.

A minor trendline dating back to the monthly low gave out overnight and we’ve now rebounding off it as resistance. We seem to be carving a short-term embedded channel off last week’s high and near-term the momentum remains heavy with an RSI resistance trigger pending as a warning on short exposure. Bottom line: we favor the broader topside play but if the weekly opening range low gives out, we may have another low to make before heading higher. Follow the progress of this trade setup and more throughout the trading week with DailyFX on Demand.

* It’s extremely important to give added consideration regarding the timing of intra-day scalps with the opening ranges on a session & hourly basis offering further clarity on intra-day biases.

Key Threshold Grid

Entry/Exit Targets




Resistance Target 1



38.2% Retracement

Bearish Invalidation



23.6% Retracement / Weekly ORH

Break Target 1

Daily / 30min


61.8% Ext / Jan 31st Close

Break Target 2

Daily / 30min


100% Ext / (March High 1.1152)

Break Target 3



88.6% Retracement

Break Target 4



2014 High / 50% Retracement / 100% Ext

Break Target 5



March 2006 Low / Pivot

Bullish Invalidation

Daily / 30min


61.8% Retrace & Ext / Last Wk’s Low / Wkly ORL

Break Target 1



61.8% Fib Ext(s) / 100% Ext

Break Target 2

Daily / 30min


78.6% & 76.4% Retracement(s)

Break Target 3



Monthly ORL

Break Target 4



1.618% Ext

Break Target 5



50% Retracement

Break Target 6



61.8% & 38.2% Retracement(s)

Average True Range

Daily (20)


Profit Targets 17-19pips

*ORH: Opening Range High

*ORL: Opening Range Low

Other Setups in Play:

---Written by Michael Boutros, Currency Strategist with DailyFX

For updates on this scalp and more setups follow him on Twitter @MBForex

To contact Michael email mboutros@dailyfx.com or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Tuesday-Thursday morning this week on DailyFX Plus (Exclusive of Live Clients) at 12:30 GMT (8:30ET)

Interested in learning about Fibonacci? Watch this Video

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.


News & Analysis at your fingertips.