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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • The FDA has approved the Pfizer-BioNTech vaccine for children aged 12-15 - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.92% 🇨🇦CAD: 0.14% 🇨🇭CHF: -0.08% 🇯🇵JPY: -0.23% 🇳🇿NZD: -0.25% 🇪🇺EUR: -0.29% View the performance of all markets via
  • US Labor Sec. Marty Walsh: Unemployment payments are not a deterrent of jobs $USD
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.32% Oil - US Crude: -0.09% Silver: -0.44% View the performance of all markets via
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.87%, while traders in Wall Street are at opposite extremes with 81.61%. See the summary chart below and full details and charts on DailyFX:
  • Bitcoin selling off over the last hour, now down more than 5% today $BTCUSD #BTC
  • Well, that was an ugly close. $SPX 15min chart:
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: US 500: 0.04% Wall Street: 0.03% France 40: -0.58% Germany 30: -0.61% FTSE 100: -0.72% View the performance of all markets via
  • U.S. State Department lowers U.K. travel advisory to level 3 - BBG $GBPUSD
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency:
US Dollar Technicals Weaken; USDCAD Exits Symmetrical Triangle

US Dollar Technicals Weaken; USDCAD Exits Symmetrical Triangle

Christopher Vecchio, CFA, Senior Strategist

Talking Points

- The commodity currencies are showing increasing strength in recent days, in line with global equity markets continuing their surge higher.

- Battle lines are being drawn up in the EU-US trade dispute as US President Trump insists that agricultural issues are included – while the EU’s negotiating directives have explicitly said otherwise.

- Retail traders are buying EURUSD now, bringing into question the viability of the recent move higher.

Looking for longer-term forecasts on the US Dollar? Check out the DailyFX Trading Guides.

The US Dollar (via the DXY Index) is showing signs of technical stress once again, with price action thus far on Wednesday shaping into a bearish outside engulfing bar – typically an indication that more downside may be forthcoming. While there’s still a long day ahead before the candle closes out, much of the economic data released during the Asian and European sessions should help relieve concerns over a near-term global slowdown – which in turn, reduces demand for the safe haven currencies like the Japanese Yen and US Dollar.

Chinese Economic Data Offers Relief

The commodity currencies have been riding high the past few days, largely following the uptick in global equity markets. But data out of China overnight has provided another reason for traders to be optimistic that the global economy didn’t slow down significantly at the start of 2019. Q1’19 Chinese growth came in at 6.4% annualized, slightly higher than the 6.3% estimate provided by Bloomberg News. Strong retail sales and better industrial production figures undergirded the better growth figure

March Canada Inflation Rebounds

With oil prices rebounding significantly over the past several months, there was little doubt that Canadian inflation figures would return back to the topside. Coming it at 1.9% from 1.5% (y/y), headline inflation is back near the Bank of Canada’s medium-term target of 2%. Rate expectations have responded in turn by pricing out the odds of a rate move in the first half of 2019: there’s only a 1.4% chance of a 25-bps cut before the end of June.

USDCAD Technical Forecast: Daily Price Chart (December 2017 to April 2019) (Chart 1)

usdcad price chart, usdcad chart, usdcad price forecast, usdcad forecast

A clear lack of follow through to the topside in USDCAD following the breakout from the early-2019 symmetrical triangle resulted in another symmetrical triangle. The recent iteration saw USDCAD price consolidating since early-March, trading between the 23.6% and 38.2% retracements of the Q4’18 high/low range; the symmetrical triangle from January to early-March consolidated between the 38.2% and 61.8% retracements.

But following today’s Canada inflation data, the symmetrical triangle since the start of March has broken to the downside. Near-term levels of interest are the April low at 1.3284 and the March low at 1.3251 (concurrently where the rising trendline from the February 2018, October 2018, and March 2019 lows intersects next week).

DXY Index Technical Forecast: Daily Price Chart (March 2018 to April 2019) (Chart 2)

dxy chart, dxy forecast, dxy price, us dollar chart, us dollar forecast, us dollar price

Momentum remains weak for the DXY Index, particularly as a bearish outside engulfing bar takes shape. As such, there still is potential for more downside – price is below its daily 8-, 13-, and 21-EMA envelope while both daily MACD and Slow Stochastics have turned lower (the former is in bullish territory still, while the latter is now in bearish territory). Better opportunities still exist in the JPY-crosses (like AUDJPY and EURJPY) in the immediate near-term.


Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

--- Written by Christopher Vecchio, CFA, Senior Currency Strategist

To contact Christopher Vecchio, e-mail at

Follow him on Twitter at @CVecchioFX

View our long-term forecasts with the DailyFX Trading Guides

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