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
Subscribe
Please try again
EUR/USD
Bearish
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
Oil - US Crude
Mixed
Wall Street
Bearish
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
Gold
Mixed
GBP/USD
Bearish
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
USD/JPY
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
More View more
Real Time News
  • Rising Treasury yields inspired a broad selling in global equities last week. The longer-term outlook remains positive however on the back of the reflationary theme, strong earnings and vaccine progress. Get your market update from @margaretyjy here: https://t.co/LLlhEpmJxI https://t.co/bJebULtjLG
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5cVYOn https://t.co/kuqShllQFp
  • Although the longer-term technical outlook for AUD remains skewed to the topside, recent developments suggest the commodity-sensitive currency could lose ground against USD and JPY. Get your market update from @DanielGMoss here: https://t.co/Rl1h8WdXwp https://t.co/49RKx86FzG
  • ECB policymakers were out in force last week, saying they were watching Eurozone government bond yields, but yields rose anyway, and that’s positive for $EURUSD and the Euro crosses. Get your market update from @MartinSEssex here: https://t.co/nJdh9dA1HM https://t.co/peLh7zTTiz
  • 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/vs7ypHHwya
  • The GBP rally vs USD came to an abrupt end and reversal; this sets cable up for more selling in the week ahead. Get your market update from @PaulRobinsonFX here: https://t.co/Ee9PSppnd2 https://t.co/uaiCiEHBMs
  • What are some trading takeaways from 2020, as we jump into the new year? Find out with your free guide here: https://t.co/e7udCTJlmf #DailyfxGuides https://t.co/OXUgYIl2ru
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/xncree8XaW
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/gGOU1RVQzq
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/wrI29FTN41
Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Justin McQueen, Analyst

CAD, CAD/JPY Analysis and Talking Points

  • USD/CAD | Rising Oil Prices Underpins CAD Gains
  • CAD/JPY | Bullish Momentum Persists
Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

USD/CAD | Rising Oil Prices Underpins CAD Gains

Last week had largely been characterised as a sell the rally bias with the 1.2850-70 area capping upside. Alongside this, with the weak Canadian jobs report quickly shrugged off, momentum has once again shifted to the downside. Brent crude futures have continued its impressive run with prices above $61, which is likely to keep the Loonie underpinned and thus makes the currency among the preferred choices for a renewed USD bearish trade. On the downside, support is situated at 1.2620-25 with the YTD low at 1.2586.

Canadian Dollar Technical Levels

Support

Resistance

1.2650

-

1.2750

-

1.2620-25

-

1.2815

Trendline

1.2586

YTD Low

1.2881

YTD High

Canadian Dollar Chart: Daily Time Frame

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Source: Refinitiv

USD/CAD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -26% 19% -15%
Weekly -33% 43% -18%
What does it mean for price action?
Get My Guide

CAD/JPY | Bullish Momentum Persists

Yesterday’s dip in the cross had been quickly faded with dip buyers at 82.00, with additional support stemming from reports that the BoJ may seek to clarify in March policy review that it has room to deepen negative rates. Momentum remains positive for the cross, particularly as equity markets extend to better levels. In turn, 82.00-20 is likely to continuing offering good support for CAD/JPY, while on the topside, resistance is situated at 83.00.

CAD/JPY Chart: Daily Time Frame

Canadian Dollar Outlook: Key USD/CAD, CAD/JPY Levels to Watch

Source: Refinitiv

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Justin McQueen
Improve your trading with IG Client Sentiment Data
Get My Guide

A Helpful Guide to Support and Resistance Trading

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

DISCLOSURES