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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
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
Gold
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
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.09%, while traders in US 500 are at opposite extremes with 75.23%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NqGfEOph43
  • S&P 500 Surges as VIX 'Fear-Gauge' Implodes Post-Jobs Report (via @DailyFX) $ES_F $SPX $SPY $VIX #Stocks #StockMarket #Trading #Analysis #Volatility #NFP https://t.co/laVWdqMgDG
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.05% US 500: 0.03% FTSE 100: -0.48% France 40: -0.51% Germany 30: -0.61% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/k8WwORiUth
  • US COVID-19 cases increase at 1.2%, same as previous week's average - BBG
  • The price of #gold has traded to fresh yearly highs during every single month so far in 2020, and the precious metal may continue to exhibit a bullish behavior in June. Get your $XAUUSD market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/wFVEtNsKiN
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/jtl19JX4Bd
  • With the risk appetite charge this week and the particular performance from US indices, I wanted to overlay US GDP (annualized) over the Log scale of the Wilshire 5000 (Fed doesn't have Dow/SPX back far enough) to show fundamentals are not steering this boat https://t.co/bXtc7nSCQq
  • 🇺🇸 Consumer Credit Change Actual: $-68.78B Expected: $-20B Previous: $-12.1B https://www.dailyfx.com/economic-calendar#2020-06-05
  • Nasdaq 100 Sets Fresh All-Time-Highs, US Stocks Jump on Jobs Report https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/06/05/Nasdaq-100-Sets-Fresh-All-Time-JS-High-US-Stocks-Jump-on-Strong-Jobs-Report.html https://t.co/SKiFAIEgMa
  • #Nasdaq: The market rising vertically into the top-side line and it also roughly matching the psychological 10k threshold (10100/200), we have the perfect recipe for a significant inflection point. Get your Nasdaq market update from @PaulRobinsonFX here: https://t.co/e248c13kKI https://t.co/g0nllIycxl
USD/CAD Continues to Pare May Advance as BoC Endorses Wait-and-See

USD/CAD Continues to Pare May Advance as BoC Endorses Wait-and-See

2016-05-25 15:30:00
David Song, Strategist
Share:

Talking Points:

- USD/CAD Continues to Pare May Advance as BoC Endorses Wait-and-See Approach.

- USDOLLAR Struggles as Mixed Data Continues; Durable Goods Orders on Tap.

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

USD/CAD

USD/CAD Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • USD/CAD may continue to pare the advance from the May low (1.2460) as the pair struggles to retain the bullish trend from the start of the month, with the Relative Strength Index (RSI) highlighting a similar dynamic as it comes up against trendline support.
  • Even though the Bank of Canada (BoC) sees real GDP contracting in the second-quarter, it seems as though Governor Stephen Poloz and Co. will continue to endorse a wait-and-see approach in 2016 as the central bank argues that the current policy is ‘appropriate’ with the inflation outlook ‘roughly balanced.’
  • The failed attempts to a break/close above 1.3210 (78.6% expansion) may spur a near-term pullback in the exchange rate, with the first area of interest coming in around 1.2930 (61.8% expansion) to 1.2990 (23.6% retracement) followed by 1.2740 (50% expansion).
DailyFX SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows increased volatility in retail positioning, with the FX crowd flipping net-long going into the BoC interest-rate decision.
  • The ratio currently sits at +1.00 as 50% of traders are long, while open interest stands 5.4% below the monthly average during the last full-week of May.

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

USDOLLAR(Ticker: USDollar):

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

11953.67

11977.74

11951.12

-0.12

60.59%

USD/CAD Continues to Pare May Advance as BoC Endorses Wait-and-SeeUSDOLLAR Daily Chart

Chart - Created Using FXCM Marketscope 2.0

  • Even though the USDOLLAR appears to be making a broader attempt to break out of the downward trend from earlier this year, the rebound appears to be losing steam amid the slew of mixed data prints coming out of the U.S. economy; will keep a close eye on the U.S. Durable Goods Orders report as forecasts are calling for another 0.5% expansion in demand for large-ticket items.
  • The Federal Open Market Committee (FOMC) appears to be on course to implement higher borrowing-costs in 2016 as the central bank remains upbeat on the economy, but the majority may retain the highly accommodative policy stance throughout the summer months as Fed officials look for a ‘consumer-led’ recovery.
  • The USDOLLAR may face a near-term pullback as it largely struggles to make a more convincing attempt to break/close above the Fibonacci overlap around 11,951 (38.2% expansion) to 11,965 (23.6% retracement), with the first downside region of interest coming in around 11,898 (50% retracement).
DailyFX Calendar

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Check out FXCM’s Forex Trading Contest

Read More:

USD/CHF Rally? It Just MAY

Gold Bulls Look to CPI, Fed Minutes for Solace

DailyFX Technical Focus: Short Term S&P and Gold Analysis

USD/CAD Technical Analysis: Time For Bulls To Prove Their Worth

--- Written by David Song, Currency Analyst

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

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

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

DISCLOSURES

News & Analysis at your fingertips.