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.

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
Oil - US Crude
Mixed
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
  • 🇳🇿 Building Permits MoM (JUN) Actual: 3.8% Previous: -2.4% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇳🇿 Building Permits MoM (JUN) due at 22:45 GMT (15min) Previous: -2.8% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Bitcoin Price to Boost Coinbase as Robinhood IPO Flops $BTCUSD has propelled higher this week. With crypto outlook sanguine again, $COIN has potential to outperform $HOOD following its weak trading debut. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/07/29/bitcoin-price-to-boost-coinbase-coin-as-robinhood-ipo-hood-flops.html https://t.co/cR8w1neoT5
  • Robinhood given an enterprise value of $32 billion after shares priced at $38. Get your market update here:https://t.co/fybAmxrAdo https://t.co/XeUn7kAZ0Q
  • 🇰🇷 Business Confidence (JUL) Actual: 97 Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.87% 🇨🇦CAD: 0.63% 🇨🇭CHF: 0.43% 🇯🇵JPY: 0.39% 🇪🇺EUR: 0.37% 🇦🇺AUD: 0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/vH1UWZP3Gt
  • Robinhood closes its first session as a publicly listed company down just over 8% $HOOD https://t.co/4GOkrVfs1B
  • Heads Up:🇰🇷 Business Confidence (JUL) due at 21:00 GMT (15min) Previous: 98 https://www.dailyfx.com/economic-calendar#2021-07-29
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.33% Gold: 1.17% Oil - US Crude: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/gkJwZQnj4N
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.22%, while traders in Wall Street are at opposite extremes with 75.65%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NPtVj3FLsQ
USD/CAD FX Sentiment Approaches Extreme Ahead of Canada Employment

USD/CAD FX Sentiment Approaches Extreme Ahead of Canada Employment

David Song, Strategist

Talking Points:

- USD/CAD Retail Sentiment Approaches Extreme Ahead of Canada Employment Report.

- USDOLLAR Rebound Vulnerable to Waning Consumer Confidence, Subdued Inflation Expectations.

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 by David Song

  • USD/CAD may continue to give back the rebound from the May low (1.2460) as the pair fails to retain the range-bound price action carried over from the previous month and appears to be carving a downward trending channel; will look for opportunities to sell-bounces in the dollar-loonie amid the recent series of lower highs & lows in the exchange rate.
  • Even though the Bank of Canada (BoC) retains a cautious outlook and warns about the rise in household debt, may see the central bank largely endorse a wait-and-see approach throughout 2016 as Governor Stephen Poloz and Co. appear to be gradually moving away from its easing cycle.
  • May see a near-term rebound in USD/CAD as it appears to be catching support around 1.2620 (78.6% retracement) to 1.2650 (50% retracement), but a meaningful pickup in Canada Employment may open up the next downside target coming in around 1.2510 (78.6% retracement) to 1.2550 (38.2% expansion).
USD/CAD SSI
  • The DailyFX Speculative Sentiment Index (SSI) shows the retail FX crowd remains net-long USD/CAD since May 25, with the ratio hitting an extreme reading in late-April at it climbed above the +2.00 mark.
  • The ratio currently sits at +1.62 as 62% of traders are long, with long positions 23.5% higher from the previous week, while open interest stands 3.0% above the monthly average.

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)

US Dollar Index

11842.69

11847.58

11802.52

0.19

102.78%

USD/CAD FX Sentiment Approaches Extreme Ahead of Canada EmploymentUSDOLLAR Daily Chart

Chart - Created by David Song

  • The near-term rebound in the USDOLLAR may be short-lived as the greenback struggles to get back above the Fibonacci overlap around 11,836 (61.8% retracement) to 11,843 (38.2% retracement), while Fed Funds Futures continue to highlight a less than 10% probability for a June Fed rate-hike amid the mixed data prints coming out of the economy.
  • A downtick in the preliminary U. of Michigan Confidence survey may further dampen the appeal of the greenback as it undermines Fed expectations for a ‘consumer-led’ recovery in 2016 and may encourage the Federal Open Market Committee (FOMC) to further delay the normalization cycle as 12-month inflation expectations stand at the lowest reading since September 2010.
  • Failure to close back above 11,836 (61.8% retracement) to 11,843 (38.2% retracement) may open up the next downside target coming in around 11,745 (50% retracement) to 11,759 (23.6% retracement).
USDOLLAR Daily Chart

Click Here for the DailyFX Calendar

Get our top trading opportunities of 2016 HERE

Read More:

Gold Prices: Finding Resistance at Old Fibonacci Support

Gold and Silver Ownership Profiles Moderate from Records

S&P 500: Shrugs off Abysmal NFPs, Undergoing Consolidation Phase

EUR/USD Long Term Bull Trend Holding Support

--- 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