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
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
  • GBP turbulence persists as investors eye the next round of EU-UK Brexit negotiations. Cautious optimism signals a deal is near. Get your #currencies update from @JMcQueenFX here:
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • 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:
  • There is a great debate about which type of analysis is better for a trader. Is it better to be a fundamental trader or a technical trader? Find out here:
  • 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:
  • What is the outlook for financial markets ahead of the first presidential debate and how are Democratic nominee Joe Biden and President Donald Trump doing in the polls? Find out from @ZabelinDimitri here:
  • The US Dollar could gain as it forms bullish technical formations against the Singapore Dollar and Malaysian Ringgit. USD/PHP may have bottomed, will USD/IDR rise next? Find out from @ddubrovskyFX here:
  • The Indian Rupee may be at risk to the US Dollar as USD/INR attempts to refocus to the upside. This is as the Nifty 50, India’s benchmark stock index, could fall further. Get your $USDINR market update from @ddubrovskyFX here:
  • A proxy of #EmergingMarket capital flows hit its lowest since July, falling with the #SP500 after some divergence This is as #USD gained against its developing FX counterparts, highlighting potential risk of a spillover outwards Stay tuned for next week's #ASEAN fundy outlook!
  • 4 consecutive down weeks for the #SP500, last matched over a year ago #Fed balance sheet continues to gain very cautiously, now at its highest since the middle of June. Still, at slower pace than last week Focus shifts to US fiscal stimulus next week in the House of Reps
BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

2017-12-06 14:30:00
James Stanley, Strategist

Talking Points:

- The Bank of Canada hosts a rate decision at 10 AM ET today, and there are minimal expectations for any actual moves at today’s meeting. More interesting will be the bank’s tone towards rate hikes in the early portion of next year.

- The U.S. Dollar remains in a rather muted space, and we looked at setups around this theme in yesterday’s webinar entitled, Dollar Range Poised to Give Way with NFP, FOMC in Sight.

- Looking for trade ideas? Check out our trading guides. And if you’re looking for something more interactive in nature, check out our DailyFX Webinars.

To receive James Stanley’s Analysis directly via email, please sign up here

The highlight of today’s economic docket comes in rather early, as the Bank of Canada rate decision is on the calendar for 10 AM ET. My colleague Christopher Vecchio discussed this rate decision earlier this morning, and expectations are very low for any moves at today’s meeting, currently showing sub-20%. Those odds begin to tick-higher as we move into 2018, however, and a more hawkish BoC statement could re-trigger the run of strength that has been seen in the Canadian Dollar for much of this year.

When the BoC started warning of rate hikes in May, CAD strength began to show after what had been a fairly weak prior 12 months. As the BoC ushered in that first hike in over nine years, USD/CAD broke below a bullish channel that had held the pair for much of the previous year. This led to a run of four months, from May to September that saw USD/CAD fall from above 1.3800 down to just above 1.2000. That low in September was set after the BoC’s second rate hike.

USD/CAD Daily: Major Trend Shift Driven by BoC’s Hawkish Twist

BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

Chart prepared by James Stanley

Since that second rate hike in September, USD/CAD has continued to digest previous losses while expectations have been getting a bit more passive around the BoC, leading us into today with the minimal expectations for any near-term hikes. But – as USD weakness has started to show with a bit more prominence or, perhaps more accurately, a lack of strength in the U.S. Dollar; USD/CAD has built-in to a range, as shown below in the gray box. Support for this range has shown around 1.2600, which syncs up with a set of prior swing highs from September/October.

If we do see a sustained downside break below this zone as initiated by today’s BoC announcement, the door can be opened for short-side continuation in the pair.

USD/CAD Four-Hour: Range-Bound Past Month+, Support Test Ahead of BoC

BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

Chart prepared by James Stanley

USD Testing Short-Term Resistance Ahead of NFP

The U.S. Dollar has been rather quiet of recent, spending the past couple of weeks bouncing between 92.50 and 93.50. This leaves us in a rather muted spot on longer-term charts, as price action continues to find resistance around prior support while also building in near-term higher-lows. This can give us a type of ascending wedge formation, which could allow traders to move towards this congestion with a semi-bullish bias.

BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

Chart prepared by James Stanley

EUR/USD Retracement Continues – Support at Trend-Line Projection

We’ve been following an area of prior swing-highs in EUR/USD in the effort of identifying higher-low support in the pair. That support held last week, even offering a morning star formation on the Daily chart. But bulls were unable to continue the move, and prices have continued to pull back towards the ‘big’ zone of support that runs from 1.1685-1.1736.

We’ve also seen support starting to show in another area, and this is taken from a trend-line projection that can be found by connecting the September 20 high to the November 15th high, which was the shooting star formation that showed up on the daily EUR/USD chart. We popped back above that trend-line two weeks ago and over the past week, a sliding scale of support has shown on the other side of the projection of that trend-line.

EUR/USD Daily: Sliding Scale of Support on Projection of Prior Trend-Line

BoC on Deck as USD/CAD Tests Support; EUR/USD Tries to Find a Low

Chart prepared by James Stanley

--- Written by James Stanley, Strategist for

To receive James Stanley’s analysis directly via email, please SIGN UP HERE

Contact and follow James on Twitter: @JStanleyFX

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