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
More View more
Real Time News
  • A notable deviation in direction from the tech-heavy Nadex composite (candle) overlaid with the S&P 500 in blue. The 5-day correlation is still holding up but will start deviating fast at this pace
  • $USD has been pretty strong over the past couple of weeks and to a lesser degree, so far in 2021 but we've only retraced about 23.6% of that massive sell-off that started last March $DXY
  • EUR/USD trades to a fresh yearly low (1.1857) as longer-dated US Treasury yields continue to push above pre-pandemic levels. Get your $EURUSD market update from @DavidJSong here:
  • USD/MXN has continued to rip in 2021, flying in the face of the bearish trend from 2020. Get your $USDMXN market update from @JStanleyFX here:
  • $USDMXN strong breakout from the falling wedges that had built coming into this year. Prices now finding resistance at 50% marker of the 2017-2020 major move whether looking for usd strength or weakness, there's attractive items on $USDMXN for either
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.37%, while traders in Germany 30 are at opposite extremes with 81.20%. See the summary chart below and full details and charts on DailyFX:
  • Commodities Update: As of 17:00, these are your best and worst performers based on the London trading schedule: Silver: -0.10% Gold: -1.18% Oil - US Crude: -1.45% View the performance of all markets via
  • Lord Frost accuses the EU of ‘ill will’ as Brexit row rumbles on. @bankofengland governor Andrew Bailey gives his latest thoughts on the economy. Get your market update from @nickcawley1 here:
  • Forex Update: As of 17:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: -0.09% 🇬🇧GBP: -0.14% 🇦🇺AUD: -0.30% 🇨🇭CHF: -0.51% 🇳🇿NZD: -0.51% 🇪🇺EUR: -0.52% View the performance of all markets via
  • $WTI Crude Oil opened strongly today, rising to test the 68.00 level, its highest point since October of 2018. WTI then bounced off resistance at this level and is now trading lower, back near the 65.00 level. $OIL $USO
CAD Rally Stalls After Reversing Longest Losing Streak Since 1971

CAD Rally Stalls After Reversing Longest Losing Streak Since 1971

Tyler Yell, CMT, Currency Strategist
CAD Rally Stalls After Reversing Longest Losing Streak Since 1971CAD Rally Stalls After Reversing Longest Losing Streak Since 1971

Fundamental Forecast for CAD: Bearish

Steven Poloz’s refrain of a Bank of Canada rate cut that had become the preferred bet as the Loonie dropped brought a magnificent reversal for the CAD. However, toward the end of the week, the CAD rally stalled and CAD-crosses looked to oil for direction. For a majority of the week, a ‘Dash for Trash’ in Oil assets seemed sustainable as news of a coordinated global oil production cut appeared in the making. However, on Thursday, the news became obvious that such a plan was unlikely to develop, and the elusiveness of such a plan made Oil and, therefore, CAD unable to hold gains. One oil trader, Gerrit Zambo of BayernLB stated, “Don’t think there are many experienced people that really think Russia or Saudi Arabia would considerably cut production as long as they have the possibility to sell into the market,”

Suggested Reading: Oil Collapse Driven by Panic; Is CAD at a Policy Turning Point?

The Canadian economy did show growth for the first time in three months when the government released GDP on Friday morning showing 0.3% MoM. This growth was a glimmer of good news because the global economy continues to show weak growth. A notable print last week was the pitiful durable good number in the United States that showed a 5.1% drop in orders for durable goods. This poor print affirmed the U.S. manufacturing sector susceptibility to global headwinds.

Next week, we’ll have two key points to take the temperature of the Canadian economy in an environment where commodities remain at depressed prices. Canadian Manufacturing PMI & Unemployment will be looked at to see if there is a sense of positive momentum from the GDP print last Friday.

From a sentiment perspective, we've seen traders through our speculative sentiment index or SSI fighting the latest move as USD/CAD has dropped. This move represents a substantial shift in retail forex trader positioning, which warns that the USD/CAD may have set an important top. Our data shows there are currently 1.3 open retail short positions in the USD/CAD for every one that is long; 43% of traders are long. As you can see on the # of bullish & bearish orders below, this represented a notable swing from three weeks ago when that ratio exceeded 4 to 1.

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