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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
Low
High
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
Oil - US Crude
Bullish
Low
High
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
Wall Street
Bearish
Low
High
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
Gold
Mixed
Low
High
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
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • RBA Minutes: Further easing would reduce financial stability risks -BBG $AUDUSD #RBA
  • RBA Minutes: Further easing would gain traction as the economy opens, members considered effect of lower rates on confidence and savers -BBG #RBA $AUDUSD
  • RBA Minutes: Fiscal, monetary support will be needed for some time. Agreed to place more weight on actual over forecast CPI -BBG #RBA $AUDUSD
  • Last week’s British Pound price reversal keeps the focus on a break of the recent range for guidance with the broader risk still lower below the yearly open. Get your $GBPUSD technical analysis from @MBForex here:https://t.co/znI4iT8skY https://t.co/QqGOzRwjmW
  • USD/JPY and GBP/JPY may reverse lower in the near-term as both exchange rates fail to breach key resistance. CAD/JPY rates eyeing a retest of its post-crisis high. Get your market update from @DanielGMoss here:https://t.co/NptWy89cTa https://t.co/PYrMMwaCXg
  • Both $AUDUSD and $NZDUSD are slipping in early Tuesday APAC trade following dovish remarks from the #RBA ... https://t.co/nvOjnM8z8h ...and #RBNZ respectively: https://t.co/tDlVxzO68h https://t.co/w3y9zDlz6i
  • RBA's Kent: Notes still room to compress short-term rates -BBG $AUDUSD #RBA
  • Read your daily election update⬇️ https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/asia_am_briefing/2020/10/19/AUDUSD-Downtrend-to-Accelerate-Election-Betting-Odds-Defying-Polls.html
  • - Election polls show Biden ahead of Trump, but betting odds are show a slightly different narrative - Third #PresidentialDebate2020: time, location and topics - #AUDUSD downtrend may accelerate as area between descending resistance and support narrows
  • RBA Assistant Governor Christopher Kent: Balance sheet metrics give useful insight to policy stance, more complex to assess policy stance than in past -BBG $AUDUSD
USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

2016-07-05 16:34:00
Michael Boutros, Strategist
Share:
  • USD/CAD eyes range highs into the July open
  • Updated targets & invalidation levels

USDCAD Daily

USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

Chart prepared by Michael Boutros

Broader Technical Outlook: Loonie remained range-bound for the better part of June trade with the pair continuing to hold within the confines of an ascending channel formation off the 2016 low. Dollar seasonalities turn p[retty heavy in early July trade but we’re likely to see a bit more back-and-forth here before the next leg lower. Daily resistance is eyed with the 100-day moving average at ~1.3027 backed by bearish invalidation at the May high-day close at 1.3121 (note that USDCAD topped precisely at that level last week). A break below basic trendline support targets the 2016 & June low-day closes at 1.2723 & 1.2692 respectively (bullish invalidation).

Avoid the pitfalls of near-term trading strategies by steering clear of classic mistakes. Review these principles in the "Traits of SuccessfulTraders” series.

USDCAD 30min

USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

Notes: We covered this setup at length in today’s strategy webinar on SB Trade Desk with the pair turning just ahead of confluence resistance at 1.2976 where the upper median-line parallel converges on the 50% retracement of the post-Brexit pullback. Note that the pair has cleared its initial weekly opening range & keeps the focus weighted to the topside while above the median-line with interim support seen at 1.2945 backed by the monthly open / weekly open at 1.2913/24- bullish invalidation.

A breach above near-term resistance targets key topside resistance at 1.3010/15 where the 1.618% sliding parallel converges on the 61.8% retracement and the 5/9 & 6/30 swing highs- an area of interest for possible exhaustion / short-entries. A quarter of the daily average true range (ATR) yields profit targets of 28-30 pips per scalp. Added caution is warranted heading into the close of the week with the U.S. & Canadian employment reports on tap for this Friday- expected increased volatility. Continue tracking this setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount.

Help fine-tune you entries, click here to learn more about the DailyFX Grid Sight Index (GSI)

Relevant Data Releases

USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

Other Setups in Play:

Looking for trade ideas? Review DailyFX’s 2016 3Q Projections

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

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com 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)

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

DISCLOSURES