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. See our updated Privacy Policy here.



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
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 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:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Do you know the difference between investing and trading? Because while the goal might seem the same, they're very different things . Learn more here.
  • The Canadian Dollar remains supported amid elevated crude oil prices. Don’t be surprised if the Bank of Canada disappoints aggressive hawkish expectations. Earnings season is a wildcard. Get your weekly Loonie forecast from @ddubrovskyFX here:
  • Rather than focusing on earning a specific number of pips per day, traders need to focus on what can be controlled. In trading terms this relates to following a strategy perfectly, with no emotion or hesitation. Learn more here:
  • Slippage can be a common occurrence in forex trading but is often misunderstood. Understanding how forex slippage occurs can enable a trader to minimize negative slippage, while potentially maximizing positive slippage. Learn about FX slippage here:
  • The Spinning Top candlestick pattern forms part of the vast Japanese candlestick repertoire with its own distinct features. Gain a better understanding of the spinning top candlestick here:
  • The European Central Bank will consider it a job well done if there is no movement in EUR/USD or the Euro crosses before, during or after Thursday’s policy announcements by its Governing Council. Get your weekly Euro forecast from @MartinSEssex here:
  • Further your forex knowledge and gain insights from our expert analysts @ddubrovskyFX and @FxWestwater on JPY with our free Q4 market analysis guide, available for free today.
  • 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:
Canadian Dollar Price Outlook: USD/CAD Bucks Trend, Can Bulls Drive?

Canadian Dollar Price Outlook: USD/CAD Bucks Trend, Can Bulls Drive?

James Stanley, Senior Strategist

Canadian Dollar Price Outlook:

  • USD/CAD has been in the midst of an intense sell-off over the past few weeks.
  • After perching above the 1.4000 spot in late-May, sellers drove the pair lower by more than 730 pips down to last week’s low.
  • Since last week’s low, a bit of recovery has shown – but a confluent zone of Fibonacci resistance has come into play that may thwart the continued advance.

From Range to Extreme Trends, Welcome to 2020

It’s been a strange first half of the year for the US Dollar, and a similar statement can be made for the Canadian Dollar, as well. When meshing the two currencies up in the USD/CAD pair, it’s been a pretty bewildering outlay so far in 2020 trade.

After spending much of 2019 trade in varying forms of range, strength showed around the 2020 open with USD/CAD pushing up to fresh six-month-highs in late-February. A gap through the 1.3500 handle saw a bullish breakout really take-hold, and a potent combination of both USD-strength and CAD weakness led to a robust breakout in mid-March; with the pair coming a mere 21 pips away from the 17-year high. And what started as a pullback in that bullish theme soon turned into a range, as buyers apparently wanted no part of testing that very obvious, looming high watermark on the charts. That range began to take on a bearish bias, as looked at in the article Canadian Dollar Price Outlook: USD/CAD Battles the Big Figure 1.4000.

Descending triangles are interesting formations to work with that will often be approached with a bearish bias. It consists of a horizontal level or zone of support coupled with a series of lower-highs on the resistance side; postulating that a continued bearish drive as denoted by the lower-highs may, eventually, break-below the horizontal support. That’s exactly what happened in USD/CAD in late-May as sellers began to have their way, pushing prices down by more than 730 pips as a decisive trend had shown in the pair.

USD/CAD Eight-Hour Price Chart

USDCAD Eight Hour Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

The recent bearish trend has appeared to bottom-out, at least temporarily, around a confluent support zone on the chart. This takes place around the 1.3315 level, and within mere pips has both the March low as well as the 78.6% retracement of the 2020 major move.

USD/CAD Four-Hour Price Chart

USDCAD Four Hour Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

At this point, USD/CAD price action is battling another confluent zone, this time as resistance, showing around the 1.3600 spot on the chart. This zone offers both the 78.6% retracement of the March major move as well as the 61.8% retracement of the 2020 major move. Support is currently holding around the 1.3500 area after a failed test below earlier this morning.

This could possibly be an area where the trend flips, at least temporarily, provided that buyers can hold the low above that 1.3500 spot. Otherwise, the prior low around 1.3315 is vulnerable, particularly if this heavy theme of USD-weakness continues to show.

USD/CAD Hourly Price Chart

USDCAD USD/CAD Hourly Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

--- Written by James Stanley, Strategist for

Contact and follow James on Twitter: @JStanleyFX

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