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
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
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • 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: https://t.co/e4CnobJCss https://t.co/w009tJEQZn
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/2AeO1AdD2M
  • MACD who? The Moving Average Convergence Divergence (MACD) is a technical indicator which simply measures the relationship of exponential moving averages (EMA). Find out how you can incorporate MACD into your trading strategy here: https://t.co/ZNs4Qi8ieG https://t.co/INJz4NSugQ
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZX8cS https://t.co/qdrsi61CN8
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2021? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/IyQdfq29fz
  • Myth or fact? One thing is for sure, there are a lot of misconceptions about trading. Knowing the difference between common trading myths and the reality is essential to long-term success. Find out about these 'myths' here: https://t.co/EDvQdHfIPm https://t.co/R7pa7DsM8n
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: https://t.co/bTXkGN1CIM #DailyFXGuides https://t.co/EhdZpmkzaH
  • Even more remarkable than the record high levels of leverage registered in US equities this past week was the attention it garnered. Paying attention to risk is a threat when markets are this high and the docket as dense as it is this week. My outlook: https://www.dailyfx.com/forex/video/daily_news_report/2021/01/23/Dow-VIX-Tesla-and-Leverage-Reflect-Greater-Risk-to-the-Relentless-Bull-Market.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/KBOJIRPTQe
  • Consolidation or bull flag? A bull flag is a continuation pattern that occurs as a brief pause in the trend following a strong price move higher. Learn how to better spot these formations here: https://t.co/yOEvLjKnct https://t.co/qP2PbS4dsY
  • Are you new to trading? Technical analysis of charts aims to identify patterns and market trends by utilising different forms of technical chart types and other chart functions. Get a refresher on technical analysis or begin building your knowledge here: https://t.co/qV3c7a4YR3 https://t.co/POGWDIkqqz
Canadian Dollar Outlook: USD/CAD Weakness Looks Temporary

Canadian Dollar Outlook: USD/CAD Weakness Looks Temporary

Paul Robinson, Strategist

Canadian Dollar Highlights:

  • USD/CAD runs into 2016 high, backs off…
  • Anticipated it will hold up and breakout at some point
  • Longer-term resistance on a breakout is 2002 highs

USD/CAD backing off 2016 high, but maybe not for long

USD/CAD was shot out of a cannon with the help of oil getting crushed and the dollar generally strengthening. This sent it to the 2016 high near the 14700-mark, a target we had looked at not long ago once it had broken some key thresholds around 13400. What now?

The weakness the past couple of days isn’t out of the clear blue, as the rally ran aground into resistance. But a decline isn’t expected to become anything material with the general trend higher and momentum strong. A little backing-and-filling will do short-term overbought conditions some good in getting worked off.

This might mean a little patience is required from traders, but with things moving as fast as they are this may be measured in days not weeks, unlike previously when we were stuck in a low-volatility regime. Given the general outlook, short trades, outside of quick in-and-outs don’t hold great appeal.

Would-be longs could soon get some levels soon on the downside to work with as support, and both sides of the market can use the 14689 2016 high as a spot to work with for determining whether to become more aggressive with a long bias or deciding to abandon shorts. Big-picture, on a breakout the next major level of resistance isn’t until the 2002 highs near 16200.

Building Confidence in Trading
Building Confidence in Trading
Recommended by Paul Robinson
Build confidence during these volatile times.
Get My Guide

USD/CAD Daily Chart (backing-and-filling against resitance)

USDCAD Daily Chart

USD/CAD Chart by TradingView

USD/CAD Weekly Chart (next long-term resistance at 2002 highs)

USDCAD Weekly Chart

USD/CAD Chart by TradingView

Forex & CFD Trader Resources

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at@PaulRobinsonFX

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

DISCLOSURES