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
More View more
Real Time News
  • Fed's Waller: - Fed could taper at a faster rate than previous taper - I was in favor of tapering MBS before Treasuries; majority of Committee did not agree
  • Fed's Waller: - We should taper early and quickly to pave way for potential rate hikes in 2022 - Inflation expectations are well anchored
  • Fed's Waller: - Inflation running well above 2% target - If next two jobs reports come in as strong as the last report, Fed can taper by September
  • RT @ZabelinDimitri: Rising Australia-#China tension could compound medium-term bearish outlook for #AUD
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.03% Silver: -0.07% Oil - US Crude: -0.12% View the performance of all markets via
  • The USD Majors are poised within well-defined setups into the open of the month with a host of event risk on tap this week including the RBA & BoE interest rate decisions, NFP and Canada employment. Get your market update from @MBForex here:
  • Bitcoin (BTC), Ethereum (ETH) giving back some of the weekend’s gains. Ethereum/Bitcoin spread makes a break above trendline resistance. Get your cryptocurrency update from @nickcawley1 here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.64%, while traders in France 40 are at opposite extremes with 78.21%. See the summary chart below and full details and charts on DailyFX:
  • Federal Reserve: Responses indicate that bank lending standards have eased notably since 2020
  • Federal Reserve: - Commercial real estate loans are in higher demand - Banks reported having eased standards and terms on commercial, industrial, and household loans during Q2
EUR/CAD Rebound Eyes 1.4340 Hurdle

EUR/CAD Rebound Eyes 1.4340 Hurdle

Michael Boutros, Strategist

Talking Points

  • EURCAD rebound posts outside day off support– Long scalps favored
  • Updated targets & invalidation levels
  • Event Risk on Tap This Week


EUR/CAD Rebound Eyes 1.4340 Hurdle

Chart Created Using FXCM Marketscope 2.0

Broader Technical Outlook

  • EURCAD rebounds off June high / posts outside day- bullish
  • Interim resistance at the median line (~1.4333) backed by 1.4381
  • Subsequent resistance objectives at 1.4429 & 1.4561/90
  • Interim support 1.4160- bullish invalidation
  • Subsequent support objectives at200DMA (1.4113), 1.4051 & 1.3991
  • Daily RSI holding 40-support / pending resistance trigger- breach would be bullish
  • Key Event Risk Ahead: Canada Retail Sales & CPI and Eurozone Consumer Confidence tomorrow


EUR/CAD Rebound Eyes 1.4340 Hurdle

Notes: EURCAD has rebounded off June high with today’s rally breaking above TL resistance to post an outside-day candle. The immediate focus is higher while within the confines of the proposed pitchfork off last week’s low (blue) with resistance objectives eyed at 1.4293 & 1.4333/42. A breach above key resistance at 1.4382/86 is needed to validate a larger-scale reversal in the pair targeting the monthly open & the July high at 1.4493.

The trade remains constructive while above former trendline resistance / 1.4232 with a break sub 1.4160 needed to shift the focus back to the short-side targeting the 200-day moving average at 1.4114, the May high-day close at 1.4050 & the key 61.8% retracement at 1.3991. A quarter of the daily average true range (ATR) yields profit targets of 30-33 pips per scalp. Added caution is warranted heading into the Canadian retail sales & CPI figures tomorrow with the release likely to fuel volatility in CAD crosses.

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

Relevant Data Releases Next Week

EUR/CAD Rebound Eyes 1.4340 Hurdle

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 DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)

Struggling with your strategy? Here’s the number one mistake to avoid

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