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
Bullish
Wall Street
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
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • RT @DanielGMoss: $SPX Rising wedge formation signals looming reversal as price attempts to breach 2009 uptrend support-turned-resistance…
  • The US Dollar appears to be back on the offensive against ASEAN FX such as the Singapore Dollar and Malaysian Ringgit. The Philippine Peso gained. What does USD face from here? Find out from @ddubrovskyFX here: https://t.co/U8VGdJPIST https://t.co/F8pRQwz1rR
  • (ASEAN Technical Outlook) The US #Dollar fell against #ASEAN FX such as $USDSGD, $USDPHP, $USDMYR and $USDIDR. Chart patterns are brewing like a Bullish Pennant, Descending Triangle and Falling Wedge #USD - https://www.dailyfx.com/forex/technical/article/special_report/2020/04/09/US-Dollar-Technical-Outlook-USDSGD-USDPHP-USDMYR-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/J7j7Kpvyx4
  • My trading video for today: 'S&P 500 Extends Bullish Gaps, Oil Awaits #OPEC, A Wave of Data Before Holiday' https://www.dailyfx.com/forex/video/daily_news_report/2020/04/09/SP-500-Extends-Bullish-Gaps-Oil-Awaits-OPEC-A-Wave-of-Data-Before-Holiday.html?ref-author=Kicklighter&QPID=917719&CHID=9
  • The #Euro and crude #oil prices will be at the mercy of ongoing OPEC+ and Eurozone negotiations as members from each respective group attempt to reach a consensus on policy. Get your market update from @ZabelinDimitri here: https://t.co/PCH5bzb3WQ https://t.co/4IWL37kuFR
  • The $USD suddenly seems scarce amid the #coronavirus outbreak. That threatens short-term financing underpinning global supply chains, despite the Fed’s epic efforts. Get your US Dollar market update from @DavidCottleFX here:https://t.co/D2p2Vl2ORK https://t.co/dLfjOEe7Px
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 2.03% Silver: 0.88% Gold: 0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/PsYoOAnuta
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.08% 🇪🇺EUR: 0.00% 🇨🇭CHF: -0.01% 🇨🇦CAD: -0.07% 🇦🇺AUD: -0.12% 🇯🇵JPY: -0.14% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/2ll7Xn9yls
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 95.65%, while traders in US 500 are at opposite extremes with 75.74%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/gWMQgg6c9c
  • Get your crude oil outlook ahead of the #OPEC meeting⬇️ https://www.dailyfx.com/forex/fundamental/article/special_report/2020/04/07/Euro-Crude-Oil-May-Suffer-From-OPEC--Eurozone-Political-Rifts.html
Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

2014-03-27 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/CAD Technical Strategy: shorts preferred
  • False breakout prompts bearish reversal pattern
  • Dark Cloud Cover results in sustained weakness

After staging a breakout above 1.1200 the formation of a Hanging Man candlestick on the daily has resulted in a quick retracement for USD/CAD. The bears are showing little signs of letting up on the pair as a bullish reversal pattern remains absent on both the daily and four hour charts. Buyers may begin to emerge and keep prices supported at 1.1050.

USD/CAD: Hanging Man Scatters Bulls

Forex-Strategy-USDCAD-Dips-As-Dark-Cloud-Cover-Dominates-Price-Action_body_Picture_2.png, Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart, the Dark Cloud Cover formation that had threatened an intraday correction for USD/CAD has resulted in sustained declines for the pair. A bullish reversal pattern remains absent suggesting an intraday bounce is unlikely at this stage.

USD/CAD: Dark Cloud Cover Delivers Declines

Forex-Strategy-USDCAD-Dips-As-Dark-Cloud-Cover-Dominates-Price-Action_body_Picture_1.png, Forex Strategy: USD/CAD Dips As Dark Cloud Cover Dominates Price Action

4 Hour Chart - Created Using FXCM Marketscope 2.0

By David de Ferranti, Market Analyst, FXCM

Follow David on Twitter: @Davidde

To receive David’s analysis directly via email, please sign up here.

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

DISCLOSURES

News & Analysis at your fingertips.