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
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
More View more
Real Time News
  • Make smart trading decisions with your free guide to trade the news. Download your free guide here. #DailyFXGuides
  • Currency exchange rates are impacted by several factors. Are different world leaders a contributing factor? Find out here:
  • Gold snapped a two-week losing streak but keeps price within the broader August downtrend. These are the levels that matter on the $XAUUSD weekly chart. Get your market update from @MBForex here:
  • $GBPUSD continues to move higher, despite Friday’s weakness, as vaccination hopes continue to fuel positive sentiment despite ongoing lockdown fears and downbeat UK data. Get your market update from @nickcawley1 here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here:
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here:
USD/CAD Retail FX Positioning Back at Extremes Despite Fresh 2016 Low

USD/CAD Retail FX Positioning Back at Extremes Despite Fresh 2016 Low

David Song, Strategist

Talking Points:

- USD/CAD Retail FX Positioning Back at Extremes as Pair Slips to Fresh 2016 Low.

- USDOLLAR Extends Losses Ahead of NFP- Average Hourly Earnings in Focus.

Avoid the pitfalls of trading by steering clear of classic mistakes. Review these principles in the "Traits of Successful Traders" series.


USD/CAD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • With price & the Relative Strength Index (RSI) breaking down from the bullish formations from earlier this month, the near-term series of lower highs & lows in USD/CAD raises the risk for a further decline in the exchange rate especially as the pair tags a fresh year low of 1.2857.
  • With Canada’s Gross Domestic Product (GDP) report showing an annualized 1.5% expansion in January, the recent batch of positive developments may spur a material shift in the monetary policy outlook as Bank of Canada (BoC) Governor Stephen Poloz turns increasingly upbeat.
  • Would like to see a closing price below 1.2930 (61.8% expansion) to open up the downside targets, with the next region of interest coming in around 1.2800 (38.2% expansion) followed by 1.2620 (50% expansion) to 1.2630 (23.6% retracement).
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd remains net-long USD/CAD Since February 25, with the ratio hitting an extreme reading earlier this month as it climbed just shy of +2.00.
  • The ratio currently stands at +1.57 as 61.% of traders remain long, with long positions 26.2% higher from the previous week.

Why and how do we use the SSI in trading? View our video and download the free indicator here

Join DailyFX on Demand for Real-Time SSI Updates Across the Majors!

USDOLLAR(Ticker: USDollar):





Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index






USD/CAD Retail FX Positioning Back at Extremes Despite Fresh 2016 LowUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Despite forecasts for another 205K expansion in U.S. Non-Farm Payrolls, the bearish formation in the Relative Strength Index (RSI) as well as in price may generate further decline in the USDOLLAR as market participants mull the timing of the next Fed rate-hike.
  • With the U.S. economy approaching ‘full-employment,’ market participants may show a larger reaction to the Average Hourly Earnings figure as Fed officials continue to point to the downward tilt in inflation expectations.
  • Following the close below 11,898 (50% retracement), the downside targets remain in focus with 11,826 (61.8% expansion) to 11,843 (38.2% retracement) on the radar.
USD/CAD Retail FX Positioning Back at Extremes Despite Fresh 2016 Low

Click Here for the DailyFX Calendar

Read More:

USD/MXN – Big Support Test Coming Up

USD/CAD Technical Analysis: All Eyes on 1.2835

COT-Small Trader Net Long Position in AUD is Largest Since July 2014

USD/JPY-More at the 110.66 Low Than You Might Think

Get our top trading opportunities of 2016 HERE

--- Written by David Song, Currency Analyst

To contact David, e-mail Follow me on Twitter at @DavidJSong.

To be added to David's e-mail distribution list, please follow this link.

Trade Alongsidethe DailyFX Team on DailyFX on Demand

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