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
Subscribe
Please try again
EUR/USD
Bullish
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
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/PO93mIKAZP
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/CHE6IOq3K5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Agl1q6EQyu
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
  • 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: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/pS48NIuwqX
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/arxYmtQeUn https://t.co/gFVVZTGbe1
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/nHXiNJhLes
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here: https://t.co/7t4BzmLg8w https://t.co/h0TmJcZeqr
Weekly Technical Perspective on USD/CAD, USD/JPY and GBP/CAD

Weekly Technical Perspective on USD/CAD, USD/JPY and GBP/CAD

Michael Boutros, Strategist

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. Here are the key levels that matter on the weekly charts heading into the monthly close. Review this week’s Strategy Webinar for an in-depth breakdown of these setups and more.

USD/CAD Weekly Price Chart

USD/CAD Price Chart - Weekly Timeframe

Notes: USD/CAD tested key near-term resistance last week at 1.2723/26 where the December high-day reversal close converges on the 50-line of the descending pitchfork formation and former trendline support, now resistance, extending off the 2012 low. As noted in last week’s USD/CAD Scalp Report, the recent advance is at risk below this level and we’re on the lookout for an exhaustion high here. Note that daily RSI is also testing a momentum resistance trigger extending off the 2016 high.

Bottom Line: The immediate advance remains vulnerable while below this threshold with interim support eyed at the 1.26-handle. A break / close below the 2018 open at 1.2579 would be needed to validate the near-term reversal with such a scenario targeting 1.2388-1.2410. Critical support rests with the 2017 low-week reversal close at 1.2156. A breach higher from here would risk a rally up towards the 200-week moving average at ~1.2850s and the 50% retracement at 1.2927.

New to ForexTrading? Get started with this Free Beginners Guide

USD/CAD IG Client Positioning

USD/CAD IG Client Sentiment
  • A summary of IG Client Sentimentshows traders are net-long USD/CAD- the ratio stands at +1.07 (51.6% of traders are long) – bearishreading
  • Retail has remained net-longsince February 19th; price has moved 1.0% higher since then
  • Long positions are 6.0% lower than yesterday and 19.4% lower from last week
  • Short positions are 9.0% lower than yesterday and 11.1% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests USD/CAD prices may continue to fall. Traders are more net-long than yesterday but less net-long from last week. The combination of current positioning and recent changes gives us a further mixed USD/CAD trading bias from a sentiment standpoint.

Check out our New 2018 projectionsin our Free DailyFX Trading Forecasts

USD/JPY Weekly Price Chart

USD/JPY Price Chart - Weekly Timeframe

Notes: Earlier this month we noted that, “USD/JPY broke below confluence support at 107.84 this week with prices now probing the 61.8% retracement of the 2016 advance at 106.38this support zone could interrupt things a bit but look to fade strength sub-107.84 with a break lower targeting confluence support at 103.04/40 where the 100% extension and the 78.6% retracement converge on broader slope support (critical).”

Bottom line:The outlook remains unchanged from last week’s USD/JPY Scalp Update and heading into the monthly close the risk remains lower while below the 2012 trendline.

Why does the average trader lose? Avoid these Mistakes in your trading

GBP/CAD Weekly Price Chart

GBP/CAD Price Chart - Weekly Timeframe

Notes: GBP/CAD is testing a key resistance zone at 1.7728-1.7854 where the 2017 high and the 38.2% retracement of the 2015 decline converge on the median-line of the 2016 ascending pitchfork (also note the Brexit weekly reversal close). The immediate advance is at risk heading into this region with a weekly close needed to mark resumption. Such a scenario targets the 200-week moving average at ~1.8020s backed by confluence resistance at 1.8343. Key weekly support rests at 1.7305 with a breach below the 50-line / 1.71 needed to suggest ta larger correction is underway.

Bottom line: From a trading standpoint we’re on the lookout for signs of exhaustion in price this week while below 1.7854. Ultimately a larger set-back would offer more favorable long-entries targeting a breach of this 2017 range.

Previous Weekly Technical Perspectives

--- Written by Michael Boutros, Technical 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.

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

DISCLOSURES