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
Wall Street
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
  • Heads Up:🇰🇷 Consumer Confidence (JAN) due at 21:00 GMT (15min) Expected: 93.6 Previous: 89.8
  • US Dollar weaker as investors embrace risk-on sentiment ahead of mega-cap tech earnings $USD $DXY $NDX
  • US Dollar weaker as investors embrace risk-off sentiment ahead of big tech earnings $USD $DXY
  • Although US Treasury yields have risen in recent weeks, 4Q’20 growth expectations have slid. A double dip recession may or may not be avoided in 1Q’21, depending upon the timing of US fiscal stimulus. Get your market update from @CVecchioFX here:
  • Gold slightly lower as equities, dollar put in mixed sessions $XAU $USD $DXY
  • The $VIX can't continue to trace out this coasting pattern for long. Again, I don't usually throw technical analysis on indicators derived from underlying activity, but VIX has become a trading vehicle in its own right
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.31% Oil - US Crude: -0.08% Gold: -0.32% View the performance of all markets via
  • After a strong breakout this summer, Gold prices have now spent almost six months digesting. Get your $XAUUSD market update from @JStanleyFX here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX:
  • The US Dollar is now trading lower again. After hitting an intraday low around 90.15, the $DXY rebounded to 90.25 but has turned toward again, falling back below 90.20. $USD
EURCAD – Big Topping Formation, Buyers Beware

EURCAD – Big Topping Formation, Buyers Beware


Talking Points:

  • Canadian Dollar (CAD) looks poised for a sustained rally after long decline
  • EURCAD setting up the best of the CAD crosses
  • Head-and-Shoulders top points to a decline of 600-700 pips once below 1.50

Want to trade with proprietary strategies developed by FXCM? Find out how here.

When I say ‘CADplex’, I am referring to all currencies vs. the Canadian Dollar (CAD). Today, however, I will focus on one pair in particular because of how clear the chartscape is – EURCAD, you're up. It's not a cross which comes up every day, but when it does I pay attention. Like many cross pairs it can be a big mover offering nice, clean technical set-ups. This pair has rallied smartly since August of 2012 and done so with three upward channels paving the way. Now, I'm by no means a disciplined disciple of the Elliot Wave Principle (EWP), but when clean sequences in price present themselves my interest is piqued. (See chart.) Add in the distinct possibility of a Head-and-Shoulders (H&S) top and we have a chart worth placing squarely in our cross-hairs. (Note: usdcad/gbpcad also have fairly clean HnS formations. If a broader top is in place in this group then I will look to take short entries in the pairs with the cleanest short-term set-ups.)

A daily close below 1.50 will take the likelihood of seeing follow through on the H&S pattern from potential to probable. A measured move from the neckline points to a move lower to 1.43 – 1.44. The measured move target was calculated by taking the width of the pattern and subtracting it from the neckline. Again, this trade is sitting in the queue at the moment and the pattern could get a bit more complex before taking shape, but it's a good idea to have your plan in place before the race begins rather than after the starting shot has been fired....

EUR/CAD - Daily

EURCAD – Big Topping Formation, Buyers Beware

-- For more commentary and to follow my trading activity you can visit

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