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
Mixed
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
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • After rising back above the 1.60% level to a high around 1.63% earlier today, US 10yr Treasury yields have moved back lower. They are now trading around an intraday low of 1.56%. $USD https://t.co/5hQglZl4fU
  • Discord has walked away from sale talks with $MSFT now eyeing potential IPO
  • here we go, webinar starting right now 1) USD Q2 Weakness 2) Gold brewing bullish potential? 3) Stonks through initial earnings outlays https://www.dailyfx.com/webinars/643096611 https://t.co/ZzY8QuoCko
  • The Euro has slipped to an intraday low amidst the German Greens surging to a lead over Merkel's CDU in a new poll. $EUR $USD https://t.co/gfvNseRNvc
  • $USDCAD has strengthened today, rising to a one week high near the 1.2600 level. The Canadian Dollar has suffered amidst a drop in oil prices and extended travel restrictions. $USD $CAD https://t.co/O2z7grrFYi
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/RVkYfiOzPq
  • In line with the general risk-off sentiment, oil prices have come under notable selling pressure with both Brent and WTI crude futures falling 2-2.5%. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/K0zJL8BFj1 https://t.co/wMn3kNFhwC
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.49% Silver: 0.42% Oil - US Crude: -1.41% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/CqYIho6z47
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.08% 🇯🇵JPY: 0.07% 🇪🇺EUR: 0.04% 🇦🇺AUD: -0.17% 🇬🇧GBP: -0.23% 🇨🇦CAD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GC3sr4bk5B
  • - Recovery in the US is improving - The increase in Covid cases is concerning, but vaccines give optimism for a return to more normal conditions later this year
Canadian Dollar Weekly Price Outlook: Loonie at Turn or Burn Pivot

Canadian Dollar Weekly Price Outlook: Loonie at Turn or Burn Pivot

Michael Boutros, Strategist

In this series we scale-back and look at the broader technical picture to gain a bit more perspective on where we are in trend. The Canadian Dollar has fallen more than 8.4% against the US Dollar year-to-date with USD/CAD attempting to rally for the sixth consecutive week. In fact, price has seen just one down-week since the October 1st low and the immediate focus is on a critical resistance pivot just higher. Here are the key targets & invalidation levels that matter on the USD/CAD weekly chart heading into the close of the year.

New to Forex Trading? Get started with this Free Beginners Guide!

USD/CAD Weekly Price Chart

USD/CAD Weekly Price Chart

Notes: In our last USD/CAD Weekly Technical Outlook we highlighted that price was approaching, “a key resistance zone at 1.3375-1.3435- a region defined by the 50% retracement of the 2016 decline, the June swing highs and the 2017 yearly open. A breach / weekly close above this threshold is needed to keep the immediate long-bias viable.”

A breakout on December 18th fueled the advance with price accelerating towards the next major confluence resistance zone at the 61.8% retracement of the 2016 decline / 2017 high-week close at 1.3647/86. Note that weekly RSI has just broken into overbought territory and keeps the bulls in control for now- a topside breach from here targets subsequent resistance objectives at the 2017 highs at 1.3793 and 2012 slope parallel, currently at ~1.39. Interim support rests at 1.3375 with broader bullish invalidation down at highlighted confluence zone at ~1.3030.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Bottom line: USD/CAD is testing BIG resistance upper here and a breach / close is needed to keep the broader long-bias in play. From a trading standpoint, the immediate advance may be vulnerable below this threshold- a good place to reduce long exposure / raise protective stops. For now, keep an eye out for possible topside exhaustion while below this critical zone.

Even the most seasoned traders need a reminder every now and then- Avoid these Mistakes in your trading

USD/CAD Trader Sentiment

USD/CAD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at +-5.97 (14.3% of traders are long) – bullish reading
  • Traders have remained net-short since October 9th; price has moved 4.7% higher since then
  • Long positions are 2.0% higher than yesterday and 18.4% lower from last week
  • Short positions are 2.0% higher than yesterday and 3.0% higher from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bullish contrarian trading bias from a sentiment standpoint.

See how shifts in USD/CAD retail positioning are impacting trend- Learn more about sentiment!

Previous Weekly Technical Charts

Learn how to Trade with Confidence in our Free Trading Guide

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

Follow Michael on Twitter @MBForex

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

DISCLOSURES