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
Bullish
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
  • Heads Up:🇬🇧 Unemployment Rate (NOV) due at 07:00 GMT (15min) Expected: 5.1% Previous: 4.9% https://www.dailyfx.com/economic-calendar#2021-01-26
  • Heads Up:🇬🇧 Claimant Count Change (DEC) due at 07:00 GMT (15min) Expected: 35K Previous: 64.3K https://www.dailyfx.com/economic-calendar#2021-01-26
  • Heads Up:🇬🇧 Average Earnings incl. Bonus (NOV) due at 07:00 GMT (15min) Expected: 2.9% Previous: 2.7% https://www.dailyfx.com/economic-calendar#2021-01-26
  • Heads Up:🇬🇧 Average Earnings excl. Bonus (NOV) due at 07:00 GMT (15min) Expected: 3.2% Previous: 2.8% https://www.dailyfx.com/economic-calendar#2021-01-26
  • Heads Up:🇬🇧 Employment Change (OCT) due at 07:00 GMT (15min) Expected: -100K Previous: -144K https://www.dailyfx.com/economic-calendar#2021-01-26
  • (ASEAN Fundy) US Dollar Forecast: Stuck Between Treasuries, Equities as Emerging Markets Push On $USDSGD $USDTWD $USDPHP #EmergingMarkets #ASEAN https://www.dailyfx.com/forex/fundamental/article/special_report/2021/01/26/US-Dollar-Forecast-Stuck-Between-Treasuries-Equities-as-Emerging-Markets-Push-On.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/SVqNE5I4NV
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in US 500 are at opposite extremes with 68.42%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/5qXbmhK4TF
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.01% 🇨🇭CHF: -0.05% 🇪🇺EUR: -0.08% 🇨🇦CAD: -0.18% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/q1uXEuBA1M
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.08% Germany 30: -0.06% France 40: -0.14% Wall Street: -0.52% US 500: -0.57% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/bCGarAMjGk
  • Want to make trading decisions with confidence? Download you free guide to avoid hesitations in your trading decisions.https://t.co/00I3lH90OD #DailyFXGuides https://t.co/LEzeGkMlO6
Canadian Dollar Price Outlook: USD/CAD Rally at Risk- NFP Levels

Canadian Dollar Price Outlook: USD/CAD Rally at Risk- NFP Levels

Michael Boutros, Strategist

Canadian Dollar Technical Price Outlook: Near-term Trade Levels

  • Canadian Dollar updated technical trade levels – Daily & Intraday Charts
  • USD/CAD 2020 rally testing multi-month downtrend resistance
  • Key US / Canada event risk on tap tomorrow: NFPs & Canada Employment

The Canadian Dollar is softer against the US Dollar this week with USD/CAD setting its weekly opening range just below the technical resistance near the February highs. The rally may be vulnerable heading into tomorrows US Non-Farm Payroll & Canada employment releases as price struggles near trend extremes. These are the updated targets and invalidation levels that matter on the USD/CAD price charts heading into Jobs Friday. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie trade setup and more.

Starts in:
Live now:
Feb 01
( 13:02 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Canadian Dollar Price Chart – USD/CAD Daily

Canadian Dollar Price Chart - USD/CAD Daily - Loonie Trade Outlook - Technical Forecast

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

Technical Outlook: In my last Canadian Dollar Price Outlook we cited that the USD/CAD breakout was, “approaching the first major resistance hurdle on this multi-week advance.” The level in focus was 1.3383/92 with a breach / close above, “needed to validate a larger reversal in price with such a scenario exposing channel resistance (red) / the 2017 open at 1.3435.” Note that the March open registered at 1.3433 - price briefly registered a high at 1.3465 before reversing sharply with daily resistance steady at this threshold.

A breach / close above is needed to fuel the next leg higher with subsequent resistance objectives eyed at the upper parallel / 78.6% retracement at 1.3512. Initial daily support steady at 1.3330/35 with broader bullish invalidation at 1.3276.

Canadian Dollar Price Chart – USD/CAD 240min

Canadian Dollar Price Chart - USD/CAD 240min - Loonie Trade Outlook - Technical Forecast

Notes: A closer look at Loonie price action sees USD/CAD continuing to trade within the confines of an ascending pitchfork formation extending off October / December lows with the median-line offering support this week. The weekly opening-rangeis set and we’re looking for the break for guidance with the immediate long-bias at risk while below last week’s high. A break lower would look to challenge 1.3269/76- look for a bigger reaction there IF reached – a break lower would expose the 50% retracement / uncovered close at 1.3208/21. Channel resistance is eyed at 1.3480s with the next major resistance level at 1.3512.

Forex for Beginners
Forex for Beginners
Recommended by Michael Boutros
New to Forex Trading? Get started with this Beginners Guide
Get My Guide

Bottom line: The USD/CAD rally is testing broader downtrend resistance with the immediate advance vulnerable heading into major event risk tomorrow. From a trading standpoint, a good spot to reduce long-exposure / raise protective stops. Look for possible topside exhaustion on a spike tomorrow with a break below the 1.32-handle ultimately needed to suggest a more significant high was registered last week. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trade levels.

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

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at –1.66 (37.55% of traders are long) – bullish reading
  • Long positions are26.83% higher than yesterday and 16.42% higher from last week
  • Short positions are1.33% lower than yesterday and 17.62% 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.
USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 16% 4% 11%
Weekly 7% 9% 8%
Learn how shifts in USD/CAD retail positioning impact trend
Get My Guide

---

Key US / Canada Data Releases

US / Canada Data Releases - USD/CAD Economic Calendar - Key Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

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