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
Bullish
Oil - US Crude
Bullish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Gold Price Forecast: Dovish FOMC Could Underpin Bullion Ahead of NFP - https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2020/11/27/Gold-Price-Forecast-Dovish-FOMC-Could-Underpin-Bullion-Ahead-of-NFP.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr #Gold #XAUUSD $GOLD $GLD https://t.co/N9ChZOqSdy
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.42% 🇦🇺AUD: 0.35% 🇳🇿NZD: 0.30% 🇨🇦CAD: 0.20% 🇯🇵JPY: 0.16% 🇬🇧GBP: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/4uyJxc09OH
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/pbfmvnsvuu
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/NL3bVphnYH
  • Indices Update: As of 21:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.64% Germany 30: 0.04% US 500: 0.00% Wall Street: 0.00% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/uZ1HjcIJ4q
  • GBP/USD continues to fail around the 1.3400 level and is unlikely to make a confirmed break higher ahead of any trade talk confirmation. Get your $GBPUSD technical analysis from @nickcawley1 here:https://t.co/EWLFXK1q3q https://t.co/4XSSNxobMo
  • The Gold price sell-off has broken below key technical barriers and leaves the outlook for XAU/USD weighted to the downside heading into the close of the month. Get your $XAUUSD technical analysis from @MBForex here:https://t.co/3YLcAFlr5f https://t.co/1uFb9UkDvV
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.48% Gold: -1.28% Silver: -2.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OvThGydQBs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 93.65%, while traders in France 40 are at opposite extremes with 78.02%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Yq6wLxhblV
  • Vaccine Optimism Sparks 28% Increase in Oil Prices. Get your #crudeoil market update from @JMcQueenFX here:https://t.co/F3AlSkniXk https://t.co/qevY4Gh6o9
Another Big Test Awaits USD/CAD

Another Big Test Awaits USD/CAD

2016-03-03 15:45:00
Kristian Kerr, Sr. Currency Strategist
Share:

Price & Time covers key technical themes daily and can be delivered to your inbox each morning by joining the distribution list: Price & Time

Talking Points

  • Important timing test late next week
  • 1.3300 area could prove pivotal

USD/CAD - Another Big Test Awaits

Another Big Test Awaits USD/CAD

I turned negative on USD/CAD last month when it failed to recover from the cyclical turn window around February 12. I have found that when timing relationships fail to elicit a response from an instrument it is usually a pretty strong sign that the prevailing trend is still very strong and probably has more room to run. That certainly seems to have been the case with USD/CAD as the pair has fallen some four big figures since mid-February. We have another timing test coming up in a few days as several key cyclical relationships are aligning later next week. If the broader uptrend is going to reassert itself then that is probably the time when it should do it. A failure to turn back up by the end of next week would have some pretty negative implications for the exchange rate in the medium-term and open the door to another important bout of USD liquidation.

Get DailyFX’s top trading opportunities of 2016 HERE

My price focus heading into the second half of next week is on the 1.3300 – 1.3240 zone as it marks a nice confluence of the 50% retracement of the May – January advance, the 200-day moving average and the 61.8% retracement of the October – January move higher. If USD is going to muster a turnaround of any significance then I would like to see it happen from somewhere around there. I think time is still the more important variable here, so an undercut of this zone over the next few days does not necessarily invalidate the timing (but it would raise some serious doubts). However, new trend lows after next week would indeed invalidate, while a move back through 1.3640 would help confirm that a low of some importance is in place.

Looking for real-time positioning data? Find out HERE

--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

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

DISCLOSURES