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
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
  • Heads Up:🇨🇳 Industrial Profits (YTD) YoY (AUG) due at 01:30 GMT (15min) Previous: 57.3%
  • RT @FxWestwater: Australian Dollar Forecast: $AUDUSD Action May Swing on Chinese Industrial Profits Link: https://…
  • Central banks often deem it necessary to intervene in the foreign exchange market to protect the value of their national currency. Learn how central bank intervention can impact your trading here:
  • The Consumer Price Index, better known by the acronym CPI, is an important economic indicator released on a regular basis by major economies to give a timely glimpse into current growth and inflation levels. Learn how to better understand CPI here:
  • *Reminder: Weekly Strategy Webinar tomorrow morning at 8:30am ET on DailyFX!
  • (Weekly Fundy) Crude Oil May Rise as Covid Case Growth Slows. WTI Eyes OPEC Outlook, Evergrande #CrudeOil #WTI #OPEC #Evergrande
  • Recessions can devastate the economy and disrupt the fortunes of individuals, businesses, and investors. But economic decline in the business cycle is inevitable, and your trading can be defined by how you respond to crisis. learn how to prepare here:
  • We are heading into the final trading days for the month of September and event risk thins out amid the $SPX's rebound. This is what history says for the 39th week of the year and here is my take on the variable factors:
  • Further your forex knowledge and gain insights from our expert analysts on AUD with our free guide, available today:
Canadian Dollar Price Outlook: Will Resistancec Stall the USD/CAD Pop?

Canadian Dollar Price Outlook: Will Resistancec Stall the USD/CAD Pop?

Peter Hanks, Strategist

Canadian Dollar (USD/CAD) Price Forecast:

  • USD/CAD rebounded notably after bleeding lower two weeks ago and threatening further losses
  • Despite the rally higher, the resistance overhead has stalled previous attempts higher and may again
  • Learn the different trading styles to see what type of price action best suits you

Canadian Dollar Price Outlook: Will Resistance Stall the USD/CAD Pop?

The Canadian Dollar lost ground against the Greenback over the last week and has reclaimed a few technical levels as a result. The pop has also driven USD/CAD within earshot of a descending trendline overhead, a trendline that has helped eradicate previous rallies. With that in mind, can bulls drive USD/CAD through the level which has proved its influence, or will the barrier work to stall yet another rally?

USD/CAD Price Chart: 4 – Hour Time Frame (March 2020 – May 2020)

USD/CAD price chart

As it stands, there are arguments to be made for either side. As I noted last week “the series of lower-highs speaks to simultaneous weakness on the technical side and a break beneath recent lows around 1.3855 would be a major step in forming the next stint lower. However, a successful hold above the level could see USD/CAD rebound somewhat, but a series of topside barriers will look to keep gains contained.”

Evidently, a reversal off support has resulted in a noteworthy trip higher and the time of reckoning for the descending trendline around 1.4147 appears near. With that in mind and considering that the broader trend since mid-March has been USD/CAD weakness, one could argue the trendline offers an attractive area to explore bearish opportunities from a risk reward perspective.

Still, there are considerations to be made. First and foremost, are the recent comments from Fed Chairman Jerome Powell on Wednesday in which he talked down the prospect of negative interest rates for the time being. Thus, an important question to ask is if the fundamental shift is enough to fuel a break above the descending trendline. Another threat to broader USD/CAD weakness is resurgent risk aversion which equity markets hinted at throughout the week.

Dow Jones, Nasdaq 100, S&P 500 Forecast: Is the Rally Unfounded?

Thus, a reversal lower at the trendline is far from certain, but it does provide an appealing opportunity to set levels of invalidation while looking for areas of interest beneath – possibly around prior lows. As price action develops, follow @PeterHanksFX on Twitter for updates.

--Written by Peter Hanks, Analyst for

Contact and follow Peter on Twitter @PeterHanksFX

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