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
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
  • Heads Up:🇿🇦 Balance of Trade (JUN) due at 12:00 GMT (15min) Expected: ZAR52B Previous: ZAR 54.6B
  • Heads Up:🇧🇷 Unemployment Rate (MAY) due at 12:00 GMT (15min) Expected: 14.5% Previous: 14.7%
  • Further your forex knowledge and gain informed analyses from industry leaders with our free guides, available today. Download the Q3 guide:
  • Russia's Novak - The need for oil is increasing with oil consumption on the rise - OPEC+ output hike of 400kbpd/month is adequate
  • 🇲🇽 GDP Growth Rate YoY Prel (Q2) Actual: 19.7% Expected: 19.8% Previous: -3.6%
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.48%, while traders in Wall Street are at opposite extremes with 71.54%. See the summary chart below and full details and charts on DailyFX:
  • Heads Up:🇲🇽 GDP Growth Rate YoY Prel (Q2) due at 11:00 GMT (15min) Expected: 19.8% Previous: -3.6%
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Silver: 0.16% Gold: -0.02% Oil - US Crude: -0.46% View the performance of all markets via
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.03% 🇨🇦CAD: 0.01% 🇬🇧GBP: 0.01% 🇯🇵JPY: -0.08% 🇳🇿NZD: -0.17% 🇦🇺AUD: -0.25% View the performance of all markets via
USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

USD/CAD Constructive Above Weekly Open- Key Resistance 1.3020

Michael Boutros, Strategist
  • USD/CAD eyes range highs into the July open
  • Updated targets & invalidation levels


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 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.