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
EUR/USD
Bearish
Oil - US Crude
Bearish
Wall Street
Bullish
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
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • 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/5uSWKoLkd6 https://t.co/fqXGrwfEYs
  • Join @MBForex at 8:30 AM ET/12:30 PM GMT for his weekly strategy #webinar Register here: https://t.co/VAnAfZU02T https://t.co/57Z0cB6HsJ
  • Heads Up:🇧🇷 BCB Focus Market Readout due at 11:30 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
  • 🇲🇽 Unemployment Rate (AUG) Actual: 5.2% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2020-09-28
  • 🇲🇽 Unemployment Rate (AUG) Actual: 5.2% Previous: 5.4% https://www.dailyfx.com/economic-calendar#2020-09-28
  • 🇲🇽 Balance of Trade (AUG) Actual: $6.116B Previous: $5.799B https://www.dailyfx.com/economic-calendar#2020-09-28
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.52%, while traders in EUR/GBP are at opposite extremes with 63.81%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/omse6hWKhs
  • Heads Up:🇲🇽 Unemployment Rate (AUG) due at 11:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-09-28
  • Heads Up:🇲🇽 Balance of Trade (AUG) due at 11:00 GMT (15min) Previous: $5.799B https://www.dailyfx.com/economic-calendar#2020-09-28
  • Tune in to @CVecchioFX 's #webinar at 7:30 AM ET/11:30 AM GMT for insight on major event risk in the week ahead. Register here: https://t.co/X8TIhpKxtF https://t.co/iOooFjHqZM
Canadian Dollar Price Outlook: USD/CAD Testing Key Trend Support

Canadian Dollar Price Outlook: USD/CAD Testing Key Trend Support

2019-02-05 18:06:00
Michael Boutros, Strategist
Share:

The Canadian Dollar remains the strongest performer against the US Dollar since the start of the year with USD/CAD down 3.8% into the open February trade. These are the updated targets and invalidation levels that matter on the USD/CAD charts. Review this week’s Strategy Webinar for an in-depth breakdown of this setup and more.

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

USD/CAD Daily Price Chart

USD/CAD Price Chart - US Dollar vs Canadian Dollar Daily

Technical Outlook: In my latest USD/CAD Weekly TechnicalOutlook we noted that the price was approaching a key weekly support barrier at, “1.3037/52- a region defined by the 52-week & 200-week moving averages and the 38.2% retracement of the 2017 advance. Note that a basic trendline extending off the 2018 low also converges on this region and further highlights its technical significance.” Price registered a low 1.3068 last week before rebounding with the recovery taking USD/CAD back above the 200-day moving average at ~1.3120.

Learn how to Trade with Confidence in our Free Trading Guide

USD/CAD 120min Price Chart

USD/CAD Price Chart - US Dollar vs Canadian Dollar 120min

Notes: A closer look at price action shows USD/CAD continuing to trade within the confines of the descending channel formation extending off the late-January high with immediate resistance eyed at the upper parallel / Friday high at 1.3157. A breach above this region would expose 1.3181/86 with near-term bearish invalidation at the 100-day moving average / 23.6% retracement at 1.3200/09 – both zones of interest for possible exhaustion / short-entries. Weekly open support rests at 1.3099 – look for a move below this threshold to mark resumption with subsequent support objectives eyed at 1.3067 and 1.2970/71.

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

Bottom line: The near-term USD/CAD recovery is approaching initial resistance zones and IF price is indeed heading lower, the advance should see exhaustion ahead of 1.3209. From a trading standpoint, we’re on the lookout for possible short-entries with a downside break of this near-term channel needed to threaten the broader January 2018 support line.

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

USD/CAD Trader Sentiment

USD/CAD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-long USD/CAD - the ratio stands at +1.17 (53.8% of traders are long) – neutralreading
  • The percentage of traders net-long is now its highest since January 8th
  • Long positions are20.1% higher than yesterday and 51.0% higher from last week
  • Short positions are 1.1% lower than yesterday and 29.6% 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 further net-long than yesterday & last week, and the combination of current positioning and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias from a sentiment standpoint.

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

---

Relevant USD/CAD Data Releases

USA Canada Economic Calendar

Economic Calendar - latest economic developments and upcoming event risk. Learn more about how we Trade the News in our Free Guide!

Active Trade Setups

- Written by Michael Boutros, 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