News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
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
  • A short-term ascending channel is under threat after Bitcoin’s first attempt to break through a stubborn resistance zone failed. Get your market update from @nickcawley1 here:
  • Is the Eurozone entering into a second debt crisis? Find out here:
  • And the Monday Asia trading session has officially begun. A pair to have on your watch list to kick off early trade: $AUDUSD post head-and-shoulders' neckline (and 200-DMA) breakdown
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here:
  • Here are the top scheduled event risks on my calendar for the coming week. Global PMIs, a few rate decisions, the Fed's bank stress test results, the Fed's favorite inflation indicator and a run of Fed speak among much more:
  • I know it is a cognitive bias, but it seems that every time I take a day off, there are significant market moves. Dow's tumbled into a 5th straight session Friday with 10-day correlation to Nasdaq most extreme negative in 4 years
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am EST (12:30GMT) on DailyFX!! - lots to discuss on the back of last week's #Fed Fireworks!
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • Markets Week Ahead: Gold, Dow, Pound-Dollar, BoE Rate Decision, Fed Risk, PMIs Check out my recap of last week and preview of upcoming event risk, plus all the latest forecasts from the @DailyFX team below. Link to Analysis - $GLD $DJI $GBPUSD #Trading
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here:
USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance

USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance

Michael Boutros, Strategist

Talking Points


USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance

Chart Created Using FXCM Marketscope 2.0

Technical Outlook

  • USDCAD monthly opening range in focus ahead of BoC
  • Interim support 1.3138 (monthly open) backed by 1.3063 (bullish invalidation)
  • Resistance at 1.3288 (reversal-day close) backed by 1.3335 (HDC) (bearish invalidation)
  • Daily RSI in consolidation – Divergence into the highs- bearish
  • Pending momentum support / resistance triggers in play
  • Key Event Risk Ahead: Bank of Canada Rate Decision tomorrow & U.S. University of Michigan Confidence on Friday

USDCAD 30min

USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance

Notes: Loonie is carving out a well-defined monthly opening range heading into tomorrow’s Bank of Canada interest rate decision. Divergence into the highs alongside the recent rebound in crude prices puts the long-side at risk near-term with resistance seen at the August 26th daily reversal-close backed by our bearish invalidation level at the 2015 high-day close at 1.3335. A breach above this level is needed to keep the long bias in play targeting 1.34 & the key 61.8% retracement of the 2002 decline at 1.3457.

Soft support rests at 1.3170 with a break below the monthly open at 1.3138 shifting the focus to the downside targeting 1.3104 & confluence support into 1.3064. Note that a quarter of the daily average true range (ATR) yields profit targets of 34-36 pips per scalp. Caution is warranted heading into the BoC with the release likely to fuel added volatility in the CAD crosses. We’ll be closely eyeing crude prices with a hold above 42.15 (march lows & 61.8% retracement of August advance) further supporting the case for some pullback of some magnitude in USDCAD.

For updates on this scalp and more setups throughout the week subscribe to SB Trade Desk

Relevant Data Releases

USDCAD Levels to Know Ahead of BoC - 1.3335 Marks Critical Resistance

Other Setups in Play:

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

Follow Michaelon Twitter @MBForex, contact him at or Click Here to be added to his email distribution list

Join Michael for Live Scalping Webinars on Mondays on DailyFXat 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.