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
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
Wall Street
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
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
Bullish
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.69%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HVIXApa0wb
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:https://t.co/vg7w10la3j https://t.co/Mit4oKK16l
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.63% France 40: 0.62% FTSE 100: 0.55% US 500: 0.00% Wall Street: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bW5YIX8sRH
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Silver: 0.56% Gold: -0.04% Oil - US Crude: -0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/dDwLgcqJsI
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.48%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/O6NcsvAJNS
  • The #Euro may be coiling up for a breakout against the US Dollar as the third quarter of 2020 gets underway. What will drive price action? See our trading guide from @IlyaSpivak to find out here: https://t.co/irBdf8mE7H https://t.co/h5bJePYxGg
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.47% France 40: 0.44% Germany 30: 0.38% US 500: -0.16% Wall Street: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/4oDLGEMu1T
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.06%, while traders in US 500 are at opposite extremes with 71.21%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/m74wuZZKeH
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Silver: 0.42% Gold: -0.03% Oil - US Crude: -0.83% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/4cYiwWIL4E
  • What financial job opportunity in which location makes the cut for you? Find out! https://t.co/rrCpMM85Rt https://t.co/4rS0V6FiEm
USD/CAD Pullback Eyes Key Support Zone Ahead of Canada Retail Sales

USD/CAD Pullback Eyes Key Support Zone Ahead of Canada Retail Sales

2016-11-21 19:51:00
Michael Boutros, Strategist
Share:

Talking Points

  • USD/CAD testing monthly open support 1.3405/07
  • Key near-term resistance steady at 1.3575
  • Updated targets & invalidation levels

USD/CAD Daily

USD/CAD Daily Chart

Technical Outlook: Last week I noted that USDCAD has continued to trade within the confines of this modified pitchfork extending off the yearly lows with price extending into fresh nine-month highs. The pair responded to a key resistance range early in the week around 1.3575 - this region is defined by the 50% retracement of the 2016 range and converges on multiple parallels over the next few days.” The pair failed on another retest of this level on Friday and leaves the risk for further losses in the greenback with pullback now eyeing a key near-term support confluence which if broken, could fuel a more significant decline.

USD/CAD 240min

USD/CAD 240min Chart

Notes: A closer look at price highlights a near-term slope off the highs with the pair rebounding off the lower parallel in early U.S. trade. More significant structural support is seen just lower at 1.3368/76 where the 100% extension converges on the 23.6% retracement of the June advance and a pair of long & short-term median lines. A break below this mark shifts the focus lower targeting 1.3314 backed by 1.3259 & 1.3231.

Interim resistance stands at 1.3488 backed by the upper parallel & 1.3575 (bearish invalidation). From a trading standpoint, heading into tomorrow’s Canada Retail Sales release the risk remains lower while below the weekly open with a break of key near-term structural support needed to validate a more prominent reversal in the pair.

USD/CAD SSI
  • A summary of the DailyFX Speculative Sentiment Index (SSI) shows traders are net short USD/CAD- the ration stands at -1.32 (43% of traders are long)- weak bullish reading
  • Long positions are 11.1% higher than yesterday and 37.4% above levels seen last week
  • Short positions are 3.8% lower than yesterday and 20% below levels seen last week.
  • Open interest is 7.9% below its monthly average.
  • The SSI ratio has continued to narrow (less net-short) and as such leaves the long-bias at risk. Note that with open interest still well below its 30-day average, look for a further shift in retail sentiment once full market participation returns.

Relevant Data Releases

USD/CAD Pullback Eyes Key Support Zone Ahead of Canada Retail Sales

Looking for trade ideas? Review DailyFX’s 2016 4Q Projections

Other Setups in Play:

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

Join Michael for Live Weekly Trading Webinars on Mondays on DailyFX at 13:30 GMT (8:30ET)

Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or Click Here to be added to his email distribution list.

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

DISCLOSURES

News & Analysis at your fingertips.