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
  • The Nasdaq 100 index is aiming to breach a key resistance level at 14,950 for a second time. A successful attempt may open the door to further gains, although the MACD indicator flags signs of weakness. Get your equities forecast from @margaretyjy here:
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Many people are attracted to forex trading due to the amount of leverage that brokers provide. Leverage allows traders to gain more exposure in financial markets than what they are required to pay for. Learn about FX leverage here:
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here:
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here:
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:
USD/CAD Eyes Resistance Ahead of FOMC, US & Canada Employment

USD/CAD Eyes Resistance Ahead of FOMC, US & Canada Employment

Michael Boutros, Strategist

To receive Michael’s analysis directly via email, please SIGN UP HERE

USD/CAD Weekly Chart

USD/CAD Price Chart - Weekly Timeframe

Technical Outlook: A breach back above former trendline support extending off the 2012 low (and the October opening-range) shifted the focus higher earlier this month with the rally now approaching confluence resistance around ~1.2927- a region defined by the 50% retracement of the 2017 range and the 50-line of the descending pitchfork extending of the 2016 high (note the 52-week moving average just higher). Weekly support rests back at the trendline, currently ~1.2590s.

USD/CAD Daily Chart

USD/CAD Price Chart - Daily Timeframe

The daily chart further highlights this region of resistance. Note that the 200-day moving average / January low-day close rests just higher and converges on basic trendline resistance off the yearly highs at ~1.3000/26. A breach / close above this region would be needed to validate a more meaningful breakout with such a scenario targeting upper median-line parallel / 2017 open at 1.3400/35.

New to Forex? Get started with this Free Beginners Guide

USD/CAD 240min Chart

USD/CAD Price Chart - 240min Timeframe

Notes: A closer look at price actions has the weekly opening range taking shape just below resistance at 1.2927. Look for support along the parallel with a break below 1.2757/78 needed to validate a more significant reversal targeting 1.2663 & bullish invalidation at 1.2590/97– an area of interest for exhaustion / long-entries.

Bottom line: the pair is up more than 7% off the lows with the immediate rally at risk near-term while below confluence resistance. Keep in mind we still have the FOMC interest rate decision and more importantly, the announcement Thursday on President Trump’s pick for Fed Chairman. The fun doesn’t end there though, Friday is likely to be a key tell for Loonie price action with both the U.S. Non-Farm Payroll (NFP) report AND Canada employment figures on tap. The November open looks very promising.

Join Michael on Friday for his bi-weekly Live Webinar on the Foundations of Technical Analysis- Register for Free Here!

USD/CAD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long USDCAD- the ratio stands at +1.02 (50.4% of traders are long) – Weak bearishreading
  • Long positions are 17.8% higher than yesterday and 20.6% lower from last week
  • Short positions are 3.2% higher than yesterday and 4.5% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USDCAD prices may continue to fall. However retail is more net-long than yesterday but less net-long from last week andthe combination of current positioning and recent changes gives us a further mixed USDCAD trading bias from a sentiment standpoint.

See how shifts in USD/CAD retail positioning are impacting trend- Click here to learn more about sentiment!


Relevant Data Releases

USD/CAD Economic Calendar

Check out this week’s DailyFX Webinar Schedule

Other Setups in Play

- Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex or contact him at

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