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
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
Bearish
USD/JPY
Bullish
Gold
Bullish
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
Oil - US Crude
Bullish
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
Bitcoin
Mixed
More View more
Real Time News
  • Have you been catching on your @DailyFX #podcast "Global Markets Decoded"? Catch up on them now, before new episodes release! https://t.co/mk1w1DM2Rh https://t.co/rEVhCnC0vY
  • Asia’s vast and growing importance to the world economy is not yet matched by the presence of a currency trading center to rival the established order. Get your update on market drivers in Asia here: https://t.co/r3Ku0p9dw1 https://t.co/I1AA0UEyWq
  • Geopolitical developments send #oil prices soaring or falling. Get your market update from @MartinSEssex here:https://t.co/XVXLyG8vjq #OOTT https://t.co/o4zt4pmSzc
  • The $USDINR may fall as the Nifty 50 rises after the US and China avoided tariff escalation and Indian CPI increased at its fastest pace since July 2016 amid on onion shortage. Get your market update from @ddubrovskyFX here:https://t.co/iXLf98geXL https://t.co/uVwbkkkl09
  • My weekend trading video: 'A #Dow and Yuan Retreat Could Break 2019's Bullish Complacency' https://www.dailyfx.com/forex/video/daily_news_report/2019/12/14/A-Dow-and-Yuan-Retreat-Could-Break-Break-2019s-Bullish-Complacency.html?CHID=9&QPID=917719
  • The $USD may extend declines against its ASEAN counterparts after the Fed rate decision. The Philippine Peso and Singapore Dollar are attempting key technical breakouts. Get your market update from @ddubrovskyFX here:https://t.co/JoPLb4Oi2q https://t.co/fKzeBlWaCx
  • Negative yielding government bonds – What are they telling us? Find out from @nickcawley1 here: https://t.co/F6JuhmrvPT https://t.co/Mf9e1cgWmR
  • The #Euro jumped higher to challenge range resistance capping upside progress since mid-October. Signs of ebbing momentum warn it may be back on defense soon. Get your market update from @IlyaSpivak here: https://t.co/MGqVDEWhUD https://t.co/rQRxJAmLWi
  • RT @zerohedge: Is The Market Up This Week? Just Ask The Fed's Balance Sheet https://t.co/6p01J9yAZ8
  • $USD: "The US Dollar is making a last-ditch effort to cling onto a key technical support level after dropping 3% from its 2019 high as risk appetite roars and the Fed inflates its balance sheet." - via @DailyFX Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2019/12/14/us-dollar-outlook-fx-volatility-rising-from-extreme-lows-usd-levels-to-watch.html https://t.co/87cITJPVQa
Canadian Dollar Continues to Outperform, New Zealand Dollar Poised to Push Lower

Canadian Dollar Continues to Outperform, New Zealand Dollar Poised to Push Lower

2010-03-04 16:16:00
David Song, Currency Strategist
Share:

03.04_DWL1

The Canadian dollar remains the best performing currency against the greenback on Thursday following the four-day rally, but the overnight advance appears to have tapered off in the North American trade as the U.S. dollar rallies across the board. The USD/CAD slipped to a low of 1.0271 during the overnight trade, and remains 12pips lower during the North American trade after moving only 61% of its average true range, with the pair filling the gap from the 120-SMA at 1.0340. However, the lack of momentum to break above the 120-SMA could lead the pair to hold steady ahead of Friday’s Non-Farm Payrolls report as employment in the world’s largest economy is expected to contract 63K in February. Nevertheless, as the Bank of Canada holds an improved outlook for the world’s eighth largest economy and see price pressures intensifying at a faster pace than initial expected, the central bank may see scope to hike rates later this year as the recovery gathers momentum.

03.04_DWL2


03.04_DWL3

The New Zealand extended the decline from earlier this week and continued to underperform amongst the major currencies, with the exchange rate slipping to a fresh weekly low of 0.6869. The NZD/USD remains 70pips lower on the day after moving 105% of its daily ATR, and we may see the pair continue to trend lower going into the Asian trade as investors scale back their appetite for risk. However, as the kiwi-dollar maintains the broad range carried over from the previous month, we may see the exchange rate cover the gap from the 120-SMA (0.6940) before we get another move to the downside as the 30-minute RSI bounces back from a low of 35. Nevertheless, as the NZD/USD maintains the downward trending triangle formation from the January (0.7444) suggests we are likely to see lower exchange rates as price action approaches the apex.

03.04_DWL4

Join us to discuss the outlook for the major currencies on the DailyFX Forums

To discuss this report contact David Song, Currency Analyst: instructor@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.