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
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
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.63% 🇪🇺EUR: 0.46% 🇨🇦CAD: 0.37% 🇳🇿NZD: 0.09% 🇬🇧GBP: -0.05% 🇯🇵JPY: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Xdme1X3ZxK
  • The #Nasdaq may be in retreat mode from the recent high, but as long as it stays tucked within the confines of a neat upward channel in place since April the outlook remains generally bullish. Get your Nasdaq market update from @PaulRobinsonFX here:https://t.co/wJ84HIKMbz https://t.co/SMPbAPO7eU
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 1.33% Wall Street: 0.82% France 40: -0.07% Germany 30: -0.10% FTSE 100: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aeuc1S326s
  • Hey traders! What is driving the markets today? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/yC5XVJC5fY
  • Canadian #Dollar Outlook: $USDCAD Five Weeks Down, Five Month Low - https://t.co/O1op1wYcdT https://t.co/GaYTjFmjtc
  • White House Economic Advisor Larry Kudlow: -Data suggests economy only needs 'targeted money' -Thinks economy is entering a 'self-sustaining recovery' -Trump 'completely opposes' bailing out states $USD $TNX $SPX
  • FTSE 100 IG Client Sentiment: Our data shows traders are now net-short FTSE 100 for the first time since Jul 20, 2020 when FTSE 100 traded near 6,264.90. A contrarian view of crowd sentiment points to FTSE 100 strength. https://www.dailyfx.com/sentiment https://t.co/iX4wB4HOah
  • Fed's Rosengren says the #Fed has been clear that negative interest rates are unlikely to be used
  • Back from vacation and back on schedule Going live for today's stock market webinar in 10 minutes - https://t.co/rmwDABTiN2 https://t.co/oC3Igu2muT
USD/CAD Remains Under Pressure Ahead of FOMC Amid Lackluster U.S. Data

USD/CAD Remains Under Pressure Ahead of FOMC Amid Lackluster U.S. Data

2018-07-31 15:12:00
David Song, Strategist

Canadian Dollar Talking Points

USD/CAD remains under pressure as fresh data prints coming out of the U.S. economy dampen the outlook for inflation, and the exchange rate may buckle going into the Federal Reserve interest rate decision as the bearish momentum appears to be gathering pace.

Image of daily change for major currencies

USD/CAD Remains Under Pressure Ahead of FOMC Amid Lackluster U.S. Data

Image of daily change for USDCAD

Despite the 0.4% rise in U.S. Personal Income, USD/CAD tags a fresh monthly-low (1.2992) as the core Personal Consumption Expenditure (PCE), the Fed’s preferred gauge for inflation, increases 1.9% in June amid forecasts for a 2.0% print.

Image of Fed Fund Futures

Keep in mind, the data prints should keep the Federal Open Market Committee (FOMC) on track to further normalize monetary policy over the coming months, but signs of limited price growth may encourage Chairman Jerome Powell & Co. to follow a preset course over the remainder of the year as ‘participants generally agreed that the economic expansion was progressing roughly as anticipated, with real economic activity expanding at a solid rate, labor market conditions continuing to strengthen, and inflation near the Committee's objective.

In contrast, updates to Canada’s Gross Domestic Product (GDP) report may push the Bank of Canada (BoC) to alter the forward-guidance for monetary policy as the growth rate expands 2.6% per annum in May versus projections for a 2.3% clip, and signs of a more robust economy may push Governor Stephen Poloz & Co. to adopt a more hawkish tone at the next meeting on September 5 as ‘Governing Council expects that higher interest rates will be warranted to keep inflation near target.’

With that said, the recent shift in USD/CAD behavior may continue to materialize over the coming days especially as the FOMC is widely expected to keep the benchmark interest rate on hold it August, and more of the same from Fed officials may weigh on the dollar-loonie exchange rate as it curbs bets for four rate-hikes in 2018. In turn, USD/CAD stands at risk for a larger correction as it snaps the upward trend from earlier this year, with the downside targets coming back on the radar as the Relative Strength Index (RSI) extends the bearish formation carried over from the previous month.

USD/CAD Daily Chart

Image of USDCAD daily chart
  • Even though USD/CAD trades to fresh monthly lows, need a break/close below the 1.2980 (61.8% retracement) to 1.3030 (50% expansion) region opening up the downside targets.
  • Next region of interest comes in around 1.2830 (38.2% retracement) followed by the Fibonacci overlap around 1.2720 (38.2% retracement) to 1.2770 (38.2% expansion), which largely lines up with the May-low (1.2729).

Interested in having a broader discussion on current market themes? Sign up and join DailyFX Currency Analyst David Song LIVE for an opportunity to discuss potential trade setups!

Image of DailyFX economic calendar

Additional Trading Resources

Are you looking to improve your trading approach? Review the ‘Traits of a Successful Trader’ series on how to effectively use leverage along with other best practices that any trader can follow.

Want to know what other currency pairs the DailyFX team is watching? Download and review the Top Trading Opportunities for 2018.

--- Written by David Song, Currency Analyst

Follow me on Twitter at @DavidJSong.

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


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.