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
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
Bearish
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
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • 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: https://t.co/BdgFmkzWwW https://t.co/9j004hyzUZ
  • Learning how to trade does not have to feel foreign. Hone your skills and build your confidence with free DailyFX guides today! https://t.co/lnxaQOsgid https://t.co/7myL4vGnt8
  • Using margin in forex trading is a new concept for many traders, and one that is often misunderstood. Margin is the minimum amount of money required to place a leveraged trade and can be a useful risk management tool. Learn about margin trading here: https://t.co/qZCE5asCzM https://t.co/yxE0OmLIP0
  • Entry orders are a valuable tool in forex trading. Traders can strategize to come up with a great trading plan, but if they can’t execute that plan effectively, all their hard work might as well be thrown out. Learn how to place entry orders here: https://t.co/1mnOXUd00T https://t.co/iSrjZTeWwf
  • There are many different types of forex orders, which traders use to manage their trades. While these may vary between different brokers, there tends to be several basic FX order types all brokers accept. Learn about different FX order types here: https://t.co/WeLInepZiD https://t.co/7B0KI8HehW
  • 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/Yl9vM73cHA https://t.co/vGW5BygTXU
  • When it comes to buying and selling forex, traders have unique styles and approaches. Learn about buying and selling forex here: https://t.co/xngExEdFdu https://t.co/kqpJ6oGXgt
  • Traders utilize varying time frames to speculate in the forex market. The two most common are long- and short-term-time frames which transmits through to trend and trigger charts. Learn more about time-frame analysis here: https://t.co/F4dXbUzU3o https://t.co/G0ZWWVtSrZ
  • 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: https://t.co/IsnpfIZNKr https://t.co/5js6tWk5bY
  • The Euro has regained lost ground against its major counterparts recently. Are further gains in the offing or is this just a short-term countertrend correction? EUR/USD, EUR/JPY, EUR/GBP, EUR/NZD key levels. Get your market update from @DanielGMoss here:https://t.co/Z71MZEIJWC https://t.co/YAr1kN4eKd
Canadian Dollar Price Chart: Loonie Rips as USD/CAD Tests Resistance

Canadian Dollar Price Chart: Loonie Rips as USD/CAD Tests Resistance

Michael Boutros, Strategist

The Canadian Dollar is up nearly 0.5% against the US Dollar after reversing off a key technical confluence zone. The turn off eleven-week highs threatens a larger decline in price while below the objective monthly open. Here These are the updated targets and invalidation levels that matter on the USD/CAD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Aussie price setup and more.

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

USD/CAD Price Chart – Loonie Weekly

USD/CAD Price Chart - Loonie Weekly - US Dollar vs Canadian Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

Notes: In last month’s Canadian Dollar Weekly Outlook in we noted that a four week advance in USD/CAD was targeting critical resistance, “at the 61.8% retracementof the May decline / 2019 high-week close at 1.3355/70...” Price marked a seven-week advance before finally registering a high this week at 1.3382 with USD/CAD now poised to mark an outside weekly-reversal if we close at these levels.

The decline tested support on Thursday at the median-line of the descending pitchfork formation we’ve been tracking off the 2018/2019 highs. A break / close below this trendline is needed to suggest a more significant high is in place targeting the 61.8% retracement of the July advance at 1.3156- look for a bigger reaction there IF reached with weakness beyond this point threatening a drop towards key confluence support at 1.2972-1.3015 where the yearly lows and the 100% extension converges on the 2017/2018 trendline. A topside breach above 1.3355/70 would still have to deal with the highlighted resistance confluence near 1.3430s.

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 turned from a technically significant resistance zone this week with the reversal of a near two-month long rally risking further losses for the Dollar. From a trading standpoint, expect sideways to lower from here- look for resistance ahead of the September open at 1.3314 IF price has indeed turned the corner here. I’ll publish an updated USD/CAD Trade Outlook once we get further clarity in near-term price action.

USD/CAD Sentiment – Loonie Price Chart

USD/CAD Trader Sentiment - Loonie Price Chart - US Dollar vs Canadian Dollar Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD- the ratio stands at -1.3 (43.5% of traders are long) – weak bullishreading
  • Traders have remained net-short since July 23rd; price has moved 1.2% higher since then
  • Long positions are32.8% higher than yesterday and 41.0% higher from last week
  • Short positions are 12.5% lower than yesterday and 36.3% lower 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. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current USD/CAD price trend may soon reverse lower despite the fact traders remain net-short.

See how shifts in Loonie retail positioning are impacting trend- Learn more about sentiment!

---

Previous Weekly Technical Charts

--- 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