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.



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
More View more
Real Time News
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here:
  • The Australian Dollar still remains vulnerable as it extends losses against its major counterparts. What is the road ahead for AUD/USD, AUD/JPY, AUD/NZD and AUD/CAD? Get your AUD technical forecast from @ddubrovskyFX here:
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • Take a closer look visually at the most influential global importers and exporters here:
  • EUR/USD tumbled last week on the day of the ECB’s latest policy announcement, and that weakness is set to continue this week as a flood of major Eurozone economic statistics is released. Get your weekly Euro forecast from @MartinSEssex here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • Gold price action is primed for volatility next week with the Fed decision on deck. How real yields and the US Dollar react to fresh guidance from Fed officials will be key for gold outlook. Get your weekly gold forecast from @RichDvorakFX here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Canadian Dollar snapped a three-week losing streak after USD/CAD stalled at key technical resistance. Get your CAD weekly forecast from @MBForex here:
USDCAD: USD Eyes Powell & Fed, CAD Climbs on USMCA & Oil

USDCAD: USD Eyes Powell & Fed, CAD Climbs on USMCA & Oil

Rich Dvorak, Analyst


USDCAD dipped to the 1.3400 handle as upbeat USMCA news continues to put downward pressure on the currency pair. The recent move lower in USDCAD was likely exacerbated by gains in oil following reports that OPEC production cuts will be extended while recent Iranian conflict could further threaten global oil supply.


USDCAD Price Chart USMCA Steel Tariffs

Although the Canadian Dollar looks to continue benefiting from an impending trade deal with the United States in addition to climbing oil prices, further downside in spot USDCAD could be limited over the short-term. One notable technical development during Tuesday’s session was the sharp rebound higher USDCAD notched after touching the 1.3400 price level – a major area of confluence which looks to serve as technical support.

If spot USDCAD continues to creep higher and breaks above the negative-sloping trendline drawn along the series of lower highs since last Friday, it might signal that the latest push lower in USDCAD may be running out of steam. This possible scenario could grow increasingly likely if the forex rate also overcomes technical resistance posed by the 23.6 percent and 38.2 percent Fibonacci retracement levels shown above.


USDCAD Price Chart Ahead of Fed FOMC Minutes

Looking at USDCAD with a broader perspective, spot prices also face resistance from the 23.6 percent Fibonacci retracement level drawn from the respective low and high in October and December last year. Yet the currency pair has failed to hold its footing below the 38.2 percent Fib since spot prices reclaimed the 1.3330 level back in March.

Moreover, a tight coil has formed between bullish uptrend and bearish downtrend lines which supplements the recent consolidation in USDCAD around the 1.3400 handle. This area of confluence could be put to the test in the near future, however, as conflicting upside and downside risks begin to unfold.

While the removal of US tariffs on Canadian steel exports boosts bullish prospects for the loonie along with rising oil prices, USDCAD downside could be offset by a sharp rise in the greenback if a hawkish Fed is revealed in the FOMC minutes release due Wednesday at 18:00 GMT.

- 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.