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
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
Mixed
USD/JPY
Mixed
Gold
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • Get your stock market basics right - what is the stock market and how does stock trading work? Find out here: https://t.co/JfAJLAtlsY https://t.co/ZfPUxHWeiG
  • The Mexican economy contracted for the first time in almost 10 years in 2019, but growth is expected to pick up in 2020 according to its finance minister. Get your $USDMXN market update from @HathornSabin here: https://t.co/gupJdU7WYT https://t.co/mMN8LFb5i5
  • EUR/USD has been weakening since the start of 2020 and the decline has accelerated this month. At some point there will be a correction but further losses are still likely as the year progresses. Get your $EURUSD market update from @MartinSEssex here: https://t.co/ieJUBNeAIf https://t.co/Dw4f7DQocg
  • The $AUD has risen in anticipation of a deal Washington and Beijing. But the Australia-China trade relationship has not suffered much and may even have been helped by China’s spat with the US. Get your market update from @DavidCottleFX here:https://t.co/An7h5X0Zcz https://t.co/Rn7mLbS1EF
  • How can traders avoid #FOMO in trading? Start by implementing a well-heeled plan taking only four hours per week. Get your insight from @JStanleyFX here: https://t.co/vwUShQPc27 #tradingstyle https://t.co/0Wn4xBL0AY
  • Do you know which type of stock is the right investment for you? Stock types help investors decide on specific #stocks to trade or assist with valuation methods either fundamentally or technically. Learn more about stock types here: https://t.co/yO3JalkqUU https://t.co/RoNdExHAdt
  • The status of the US #dollar as the safe-haven asset of choice remains untouched and any weakness in the greenback is likely to be short-lived. Get your $USD market update from @nickcawley1 here: https://t.co/LO2u38jpUT https://t.co/ctgCJSOeTH
  • #FTSE 100 testing key support as the index lacks a directional bias. #DAX reverses off channel top. Get your indices technical analysis from @JMcQueenFX here: https://t.co/IHF2dgMfg9 https://t.co/2fMTFlOeTR
  • With knowledge of price action, traders can perform a wide range of technical analysis functions without the necessity of any indicators, including management of risk. Build on you knowledge of price action here: https://t.co/9hQA0bsYtt https://t.co/5KQowxuiBf
  • The term ‘Ichimoku,’ literally means ‘one glance,’ in Japanese. Ichimoku, or the one glance indicator, is considered to be a self-contained system in the fact that no additional indicators are necessary. Learn more about the 'one glance' indicator here: https://t.co/T7o7W9C0Ro https://t.co/7bhBfWvEkR
Canadian Dollar Price Forecast - USD/CAD Sliding Towards Short-Term Support

Canadian Dollar Price Forecast - USD/CAD Sliding Towards Short-Term Support

2020-02-14 10:59:00
Nick Cawley, Analyst
Share:

Canadian Dollar (CAD) Price, Chart and Analysis

  • USD/CAD sell-off nears recent support zone.
  • US Dollar likely to be steered by important data prints.

USD/CAD Drifts into Confluence Support

The Canadian Dollar gained in value against the US Dollar this week after touching a four-month high on Monday. The USD/CAD sell-off comes despite the ongoing strength in the greenback and is more of a reflection of an uptick in the price of oil over the last 5 days. The chart below shows that there has been a sell-off reaction on three prior occasions when USD/CAD hits the 1.3320 – 1.3380 zone and this week’s move may continue that pattern, especially if the oil market strengthens further.

Later in today’s session, a couple of important US data prints, with retail sales released at 13:30 GMT and the provisional University of Michigan sentiment out at 15:00 GMT. Both have the ability to move the US currency.

The daily USD/CAD chart shows a near-term support zone close by between 1.3232 and 1.3236 with the 20-day moving average marginally higher at 1.3242. This is the first time the 20-dma has been tested since January 22. Below here, the 200-dma currently sits at 1.3188. There are a few recent highs on the way back up to 1.3300 which may be difficult to overcome unless the US data drives the greenback higher.

Traits of Successful Traders
Traits of Successful Traders
Recommended by Nick Cawley
Traits of Successful Traders
Get My Guide

USD/CAD Daily Price Chart (July 2019 - February 14, 2020)

canadian dollar against the us dollar
USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -22% -18% -19%
Weekly 4% -35% -28%
Learn how to use Sentiment in your trading strategy
Get My Guide

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Canadian Dollar (CAD) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

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

DISCLOSURES

News & Analysis at your fingertips.