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
Bearish
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
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
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
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
  • The $USD fell as an improvement in sentiment slowed aggressive capital outflows from emerging markets and #ASEAN economies. What do USD/SGD, USD/MYR, USD/IDR and USD/PHP face next? Find out from @ddubrovskyFX here: https://t.co/3SQYf5Y0Vx https://t.co/lodbsqO94L
  • The $USD may return to the offensive as markets flee to cash amid fears of deep global recession thanks to the still-raging #coronavirus outbreak. Get your US Dollar update from @IlyaSpivak here: https://t.co/g1us4ZbYR5 https://t.co/detT6m6ZKo
  • The #Dow Jones, S&P 500 and #DAX 30 have bounced after aggressive declines. Can this momentum last? Trader positioning seems to be offering mixed signals as technicals point bearish. Get your market update from @ddubrovskyFX here:https://t.co/DdCUyoGSmL https://t.co/NQtbwy5Brg
  • Reports that London-based fund managers have discussed long market closures with the Bank of England are unlikely to bear fruit, but that they happened at all may boost already-crowded haven trades. Get your EUR/CHF market update from @DavidCottleFX here:https://t.co/mernf5MDH3 https://t.co/1rzQT6ClCY
  • $AUD chart positioning suggests prices have set a swing top near the 0.62 figure. Re-engaging the long-term downtrend against $USD may follow. Get your AUD/USD market update from @IlyaSpivak here:https://t.co/OIEDlId6HZ https://t.co/CzqJf3wsgh
  • The $USD could be on the verge of regaining upside momentum against ASEAN FX such as the Singapore Dollar, Indonesian Rupiah and Malaysian Ringgit. Will the Philippine Peso follow? Find out from @ddubrovskyFX here:https://t.co/cBzPejcNHu https://t.co/4fcImOiSzD
  • $NZD chart positioning suggests the downtrend against its US namesake may be resuming but trader sentiment studies flash warning sign for sellers.Get your NZD/USD market update from @IlyaSpivak here:https://t.co/NUHD43A8C9 https://t.co/K7l3Ju0GP0
  • The Federal Reserve has made a powerful statement about its commitment to shoring up offshore $USD funding markets through the #coronavirus spread. Get your market update from @DavidCottleFX here:https://t.co/fLZjxjr4L9 https://t.co/UdRor0d92U
  • The #Euro has dropped through support guiding it higher from late-March lows, suggesting that the end of a corrective rebound has given way to downtrend resumption. Get your $EURUSD market update from @IlyaSpivak here: https://t.co/gpKowYNmGi https://t.co/CY7RuZf91s
  • What are a few of the common trading mistakes made by traders? Find out from @WVenketas here: https://t.co/Q3sPmP2rya #tradingstyle https://t.co/ayjehPGEeT
Canadian Dollar Price Outlook: USD/CAD Losses Steepen- Loonie Levels

Canadian Dollar Price Outlook: USD/CAD Losses Steepen- Loonie Levels

2020-02-23 02:00:00
Michael Boutros, Strategist
Share:

Canadian Dollar Technical Price Outlook: USD/CAD Weekly Trade Levels

The Canadian Dollar is poised to closed the second consecutive weekly advance against the US Dollar with USD/CAD off by more than 0.2% to trade at 1.3220 ahead of the New York close on Friday. The move comes on the heels of last week’s price reversal and while the risk for a deeper pullback remains, price continues to trade within a broad multi-year consolidation pattern. These are the updated targets and invalidation levels that matter on the USD/CAD weekly price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie trade setup and more.

Starts in:
Live now:
Apr 06
( 12:04 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Canadian Dollar Price Chart – USD/CAD Weekly

Weekly USDCAD Price Chart

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

Notes:In my last Canadian Dollar Weekly Price Outlook we noted that USD/CAD was, “testing initial resistance targets and we’re on the lookout for possible topside exhaustion near-term heading into yearly slope resistance just higher.” Price registered a high just above the 50% retracement at 1.3329 before reversing last week with the sell-off marking the second consecutive weekly decline. Note that weekly RSI has maintained its stance below the 60-threshold since the late 2018 high and highlights that the momentum profile remains in favor of the bears, for now.

Key weekly support rests with the July low-week close / 61.8% retracement at 1.3059/96 backed by the 100% extension / yearly open at 1.2972/75. Ultimately a break below the 2019 trendline would be needed to fuel the next major leg lower in price. Initial weekly resistance steady at 1.3308 with a breach / close above 1.3370/92 needed to validate a larger breakout in USD/CAD

{{GUIDE|EUR |Download Our Latest Quarterly Euro Price Forecasts!}}

Bottom line: USD/CAD remains within the confines of a broad multi-year consolidation pattern with the recent rally turning just ahead of trend resistance. From at trading standpoint, the risk remains lower heading into next week but ultimately the trade remains range-bound until we clear this formation. Look for signs of downside exhaustion on a move lower towards the 1.31-handle for guidance here. Review my latest Canadian Dollar Price Outlook for a closer look at the near-term USD/CAD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

USDCAD Trader Sentiment
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at -2.61 (27.72% of traders are long) – bullish reading
  • Long positions are16.13% higher than yesterday and 22.03% higher from last week
  • Short positions are2.21% lower than yesterday and 30.14% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise. Yet traders are less net-short than yesterday & compared with last week and the recent changes in sentiment warn that the current USD/CAD price trend may soon reverse lower despite the fact traders remain net-short.
USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -4% 7% 3%
Weekly 12% 0% 4%
Learn how shifts in USD/CAD retail positioning impact trend
Get My Guide

---

Key US / Canada Data Releases

Key US/Canada Data Releases

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

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

DISCLOSURES

News & Analysis at your fingertips.