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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
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
More View more
Real Time News
  • 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:
  • 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:
  • 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:
  • 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:
  • 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:
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here: #DailyFXGuides
  • 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:
  • 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:
  • 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:
  • USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:
A Fascinating GBP/CAD Short Unfolding Now

A Fascinating GBP/CAD Short Unfolding Now

Kaye Lee, Head Forex Trading Instructor

Talking Points:

  • Double Trend Line Break in GBP/CAD
  • Key Zone for Initiating Short Positions
  • Possible Entry Signal That's Already Forming

Even in the choppy world of currency trading, things can get interesting when two trend lines break in quick succession, especially when one was a downside break and the other was to the upside. That’s precisely what has happened on the GBPCAD four-hour chart (see below).

Guest Commentary: Double Trend Line Break in GBP/CAD

A_Fascinating_GBPCAD_Short_Unfolding_Now_body_GuestCommentary_KayeLee_January6A_1.png, A Fascinating GBP/CAD Short Unfolding Now

The downside breakout can be considered a fake move at this point due to the upward spike in momentum. As a result, the question remains whether the upside move is true or false. Two possibilities are marked on the chart, one where price returns to test support before shooting up, and the other where price returns to test support before going further down.

Before either scenario develops, however, the price pullback to support is a reasonable move to trade. If price continues to the down side, then we will have entered at the top of the right shoulder in a classic head-and-shoulder pattern.

If price bounces, the trade will still be able to make some money. However, due to the relatively small size of the pattern, lower time frames will be needed.

The hourly chart below presents a clear zone of resistance based on previous consolidations. There is one factor going against this trade, however, and that is the rising momentum in price. Nonetheless, this is a legitimate resistance area, and one that can be traded—and managed—accordingly.

Guest Commentary: Key Resistance Zone for GBP/CAD

A_Fascinating_GBPCAD_Short_Unfolding_Now_body_GuestCommentary_KayeLee_January6A_2.png, A Fascinating GBP/CAD Short Unfolding Now

The 15-minute chart below is the trigger chart, in this case, and the usual entry signals will apply: pin bars, bearish engulfing patterns, and/or bearish reversal divergence.

Guest Commentary: GBP/CAD Entry Signal That’s Forming Already

A_Fascinating_GBPCAD_Short_Unfolding_Now_body_GuestCommentary_KayeLee_January6A_3.png, A Fascinating GBP/CAD Short Unfolding Now

A pin bar has already formed at this point, and a break of the pin bar low would constitute a valid entry signal. It may or may not work the first time, so the usual two or three tries at the entry may be necessary.

By Kaye Lee, private fund trader and head trader consultant,

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