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
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
GBP/USD
Bearish
USD/JPY
Bullish
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
Oil - US Crude
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
Bitcoin
Mixed
More View more
Real Time News
  • $USDCAD is testing slope support into the close of the week with the immediate short bias at risk while above 1.3134/51. Get your USD/CAD technical analysis from @MBForex here:https://t.co/eE9yrNEU80 https://t.co/mszY7ouYRF
  • $EURUSD Daily Pivot Points: S3: 1.0966 S2: 1.1041 S1: 1.1085 R1: 1.116 R2: 1.119 R3: 1.1264 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • The British Pound’s relief rally may still have some room to run: volatility in the $GBP has dropped back to levels typically associated with periods of ‘positive developments’ in the #Brexit process. Get your market update from @CVecchioFX here:https://t.co/uzXRd8y4ck https://t.co/Nxf6opYgLd
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 1.31% 🇨🇦CAD: 0.12% 🇨🇭CHF: 0.09% 🇪🇺EUR: -0.09% 🇳🇿NZD: -0.11% 🇦🇺AUD: -0.48% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/z0x9cPG1TN
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Gold: 0.40% Silver: 0.09% Oil - US Crude: -0.47% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/fpuNos9jTO
  • RT @bbands: Most crypto currencies are at or near Bollinger Band Squeeze levels. Time to pay attention.
  • Spot FX Update: $EUR 1.1119 $JPY 109.3505 $GBP 1.3337 $CAD 1.3182 $CHF 0.9842
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 98.07%, while traders in France 40 are at opposite extremes with 78.85%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/rBitc06izt
  • Stocks in the #Dow Jones and S&P 500 are soaring alongside the Chinese Yuan as Beijing confirms trade negotiators have reached a partial deal in text with Washington. Get your market update from @RichDvorakFX here: https://t.co/v8Dy0Es2MY https://t.co/1f6xgxkXK0
  • Poll: Looking ahead to these final weeks of 2019, has the announced US-China phase 1 'deal' and UK election laying a clearer path for Brexit set global markets back on a course for sustained risk appetite (continued S&P 500 climb)?
Canadian Dollar Technical Analysis Overview: USD/CAD Risks Larger Bullish Breakout

Canadian Dollar Technical Analysis Overview: USD/CAD Risks Larger Bullish Breakout

2019-11-20 09:00:00
Justin McQueen, Analyst
Share:

CAD Analysis and Talking Points

USD/CAD | Bullish Momentum Intact

Since the Bank of Canada’s dovish pivot at the October MPR, USD/CAD has shown little signs of reversing its bullish momentum. Yesterday saw the Canadian Dollar come under renewed pressure as oil prices dropped, while the Loonie extended its losses on comments by BoC Deputy Wilkins, in which she noted that with rates at 1.75%, the central bank has room to manoeuvre. Consequently, the USD/CAD has made a decisive break above its 200DMA and thus the bullish trend remains intact. As such, with eyes on the Canadian CPI data, a lower than expected reading could see the pair edge towards the October 3rd/10th double top at 1.3345, while the September high resides at 1.3382.

Implied Daily Range (1.3255-1.3335)

Support

Resistance

1.3274

200DMA

1.3300

Trendline

1.3212

50DMA

1.3345

October Double Top

1.3203

100DMA

1.3355

61.8% Fib

USD/CAD Price Chart: Daily Time Frame (Apr 2019 – Nov 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD Risks Larger Bullish Breakout

Source: IG Charts

USD/CAD DMIs and ADX (Jun 2019Nov 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD Risks Larger Bullish Breakout

Source: Refinitiv

CAD/JPY | Risks Deeper Losses

Following yesterday’s weakness in the Canadian Dollar, the cross broke below both the 50 and 200DMA and thus looks set to test the lower bound its rising channel. Consequently, further losses look set to be on the horizon for CAD/JPY on a break below its rising channel, which also coincides with the 100DMA. In turn, this could open up the doors for a move south of the 81.00 with the 23.6% fib at 80.82.

CAD/JPY Price Chart: Daily Time Frame (May 2019 Nov 2019)

Canadian Dollar Technical Analysis Overview: USD/CAD Risks Larger Bullish Breakout

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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

DISCLOSURES

News & Analysis at your fingertips.