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.

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
EUR/USD
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
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
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX! https://t.co/lxd5fZnn4H
  • A “PIP” – which stands for Point in Percentage - is the unit of measure used by forex traders to define the smallest change in value between two currencies. Learn how to understand pips in forex here: https://t.co/782gHedGTW https://t.co/i6fB1PIQbx
  • #Crudeoil prices could reverse lower as the #OPEC Monthly Oil Market Report (MOMR) forecasts fading global demand and oversupply concerns. Get your #commodities update from @DanielGMoss here: https://t.co/G02ajeLPqZ https://t.co/THuauT4XQ9
  • The outlook for the $EURUSD pair has worsened after its failure to move back to the high just above 1.20 touched on September 1 despite the #ECB’s decision earlier this month not to talk down the Euro. Get your #currencies update from @MartinSEssex here: https://t.co/kDCHxHgGlU https://t.co/Li4jHqaNdC
  • #USDollar Outlook Bearish on Mnuchin & Powell Testimonies, Key US Data ⬇️ https://www.dailyfx.com/forex/fundamental/forecast/weekly/usd/2020/09/20/US-Dollar-Outlook-Bearish-on-Mnuchin-Powell-Testimonies-Key-US-Data.html
  • The London trading session accounts for around 35% of total average forex turnover*, the largest amount relative to its peers. The London forex session overlaps with the New York session. Learn about trading the London forex session here: https://t.co/UTWxbnNz7M https://t.co/fuWSUDE1pT
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/eRTdlhAOFN
  • The Japanese #Yen may continue to exhibit a bullish behavior as the Bank of Japan (BoJ) appears to be in no rush to alter the path for monetary policy. Get your #currencies update from @DavidJSong here: https://t.co/HFjc6KGzRw
  • The New Zealand Dollar appears poised to extend its climb against its haven-associated counterparts as long-term trend break hints at cyclical upturn. Get your $NZDUSD market update from @DanielGMoss here: https://t.co/CPxP1Q8B6d https://t.co/n2wESiqnpJ
  • The US Dollar may rise against ASEAN currencies like the Singapore Dollar if local retail sales and sentiment data disappoints. USD/IDR may fall on the Bank of Indonesia. Get your market update from @ddubrovskyFX here:https://t.co/HpH8pXFdLl https://t.co/laHmaZXpJe
Canadian Dollar Climbs with Crude Oil, USDCAD Falls to Support

Canadian Dollar Climbs with Crude Oil, USDCAD Falls to Support

2019-04-08 21:36:00
Rich Dvorak, Analyst
Share:

USDCAD, CRUDE OIL – TALKING POINTS

  • Crude oil prices have surged nearly 2 percent higher in today's session and is boosting the Canadian Dollar
  • USDCAD now rests at key technical support after dipping over half a percent to the 1.3310 handle
  • Looking to expand your trading knowledge? Check out these Crude Oil Facts

CAD is gaining ground today with the CXY Canadian Dollar Index advancing 0.59 percent. The move higher is likely in response to soaring crude oil prices which appear to have breached another level of resistance amid curbed supply and fading global growth concerns. Consequently, USDCAD is being weighed down as the Canadian economy generally benefits from higher energy prices.

USDCAD PRICE CHART: DAILY TIME FRAME (DECEMBER 18, 2018 TO APRIL 08, 2019)

USDCAD Currency Price Chart

USDCAD now trades around the 1.3310 price which appears to be a key level of support. If the currency pair fails to base at this area of confluence, additional downside risk could be on the table. USDCAD has held this price level for the most part, however, with the 38.2 percent Fibonacci retracement line proving support. Also, spot USDCAD rebounded slightly after touching its 100-day EMA while the bullish channel remains intact.

Although, USDCAD weakness could be exacerbated if crude oil prices continue to rise. The currency pair has developed a short-term downtrend from the string of lower highs recorded throughout March which could hinder further advances. If spot prices fall below current support, forex traders will likely eye the 50.0 percent retracement line as the next possible area for USDCAD to base.

That being said, event risk posed by the Fed meeting minutes due for release Wednesday – language that is interpreted as more dovish than expected could send spot USDCAD plunging to the 1.3220 level where the 61.8 percent Fibonacci retracement line and rising trendline support meet.

USDCAD CLIENT SENTIMENT

USDCAD Trader Sentiment Client Positioning Price Chart

Check out IG’s Client Sentiment here for more detail on the bullish and bearish biases of EURUSD, GBPUSD, USDJPY, Gold, Bitcoin and S&P500.

According to USDCAD client positioning data from IG, 51.1 percent of traders are net-long with the ratio of traders long to short at 1.04 to 1. The number of traders net-long is 19.2 percent higher than Friday and 20.7 percent higher than last week.

TRADING RESOURCES

Whether you are a new or experienced trader, DailyFX has multiple resources available to help you: an indicator for monitoring trader sentiment; quarterly trading forecasts; analytical and educational webinars held daily; trading guides to help you improve trading performance, and even one for those who are new to FX trading.

- Written by Rich Dvorak, Junior Analyst for DailyFX

- Follow @RichDvorakFX on Twitter

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

DISCLOSURES