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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Is the Eurozone entering into a second debt crisis? Find out here: https://t.co/27Y8gKO0xY https://t.co/VRfjvmBq6N
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.6% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI MoM (MAR) Actual: 0.8% Expected: 0.4% Previous: 0.4% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 PPI YoY (MAR) Actual: 1% Expected: 0.5% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2021-04-11
  • 🇯🇵 Bank Lending YoY (MAR) Actual: 6.3% Previous: 6.2% https://www.dailyfx.com/economic-calendar#2021-04-11
  • $EURUSD has been climbing gently in the past few days after its recent steep falls. However, that was probably just position-squaring ahead of further weakness. Get your market update from @MartinSEssex here: https://t.co/xbpJIMsy0z https://t.co/zFzWfoAG2N
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Find out about the recent history of ISM data, how to track it, and how to trade its release here: https://t.co/MZtBh88nOv https://t.co/3vnThmcyty
  • 6 out of 9 Dow Jones sectors ended higher, with 73.3% of the index’s constituents closing in the green. Healthcare (+1.48%), information technology (+1.47%) and consumer discretionary (+1.15%) were among the best performers, while consumer staples (-0.36%) lagged behind. https://t.co/lTlqFGhB3V
  • Build your EUR/USD strategy with key trading techniques. Get your free insight here.https://t.co/8AxPEkO20H https://t.co/SaZk74yhA9
Canadian Dollar Price Forecast: USD/CAD Pullback from Key Resistance

Canadian Dollar Price Forecast: USD/CAD Pullback from Key Resistance

James Stanley, Senior Strategist

Canadian Dollar Talking Points:

USD/CAD November Bounce Runs into Resistance

After a really strong start to the month of November, USD/CAD has run into some resistance that’s tempered the topside advance. The big question at this point is whether this turns into something more, as a deeper reversal in the US Dollar may help to bring back the bearish trend in USD/CAD that ran so visibly in the final three weeks of October and, perhaps more attractively, during June and July as the pair fell by five big figures with FOMC rate cut bets getting priced-in.

USD/CAD Daily Price Chart

usdcad usd cad daily price chart

Chart prepared by James Stanley; USDCAD on Tradingview

USD/CAD: 1.3000 Hasn’t Been Tested in a Year, Looms Large

Taking a step back on the USD/CAD chart and longer-term price action remains in a digestive state. The symmetrical wedge pattern that’s been building since early-2018 has helped to hold both 2019 highs and lows. On the support side of the matter, it’s the 1.3000 price that appears so important, as buyers came in ahead of a 1.3000 test in mid-July and again in late-October, giving the appearance that sellers didn’t yet want to encounter a test below the big figure. But, now that prices have bounced and ran into resistance, might the door be opening to another short-side run in the pair?

USD/CAD Weekly Price Chart

usdcad usd/cad weekly price chart

Chart prepared by James Stanley; USDCAD on Tradingview

USD/CAD Strategy Moving Forward

At this point, the November bullish move could remain workable for short-term strategies. On a longer-term basis, however, the more attractive side of the matter would likely be on the short-side given this resistance test combined with the prior prevailing trend inside of that longer-term case of digestion.

On the shorter-term look, that resistance coming into play has helped to elicit a 23.6% retracement in the pair, at which point buyers came in to offer support. This can keep the door open to short-term bullish momentum, looking for a re-test of the 1.3262 resistance level.

USD/CAD Four-Hour Price Chart

usdcad usd/cad four hour price chart

Chart prepared by James Stanley; USDCAD on Tradingview

On an intermediate-term basis, as noted above, the more attractive side would likely be short given proximity to longer-term support and resistance combined with the resistance reaction that showed at a key area on the chart on Friday. This approach would be looking for a return of the bearish momentum that showed so prominently in October, initially targeting the 1.3168 area on the chart, after which secondary targets could cast towards 1.3130 followed by 1.3100.

USD/CAD Eight-Hour Price Chart

usdcad usd/cad usd cad eight hour price chart

Chart prepared by James Stanley; USDCAD on Tradingview

To read more:

Are you looking for longer-term analysis on the U.S. Dollar? Our DailyFX Forecasts have a section for each major currency, and we also offer a plethora of resources on Gold or USD-pairs such as EUR/USD, GBP/USD, USD/JPY, AUD/USD. Traders can also stay up with near-term positioning via our IG Client Sentiment Indicator.

Forex Trading Resources

DailyFX offers an abundance of tools, indicators and resources to help traders. For those looking for trading ideas, our IG Client Sentiment shows the positioning of retail traders with actual live trades and positions. Our trading guides bring our DailyFX Quarterly Forecasts and our Top Trading Opportunities; and our real-time news feed has intra-day interactions from the DailyFX team. And if you’re looking for real-time analysis, our DailyFX Webinars offer numerous sessions each week in which you can see how and why we’re looking at what we’re looking at.

If you’re looking for educational information, our New to FX guide is there to help new(er) traders while our Traits of Successful Traders research is built to help sharpen the skill set by focusing on risk and trade management.

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES