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. See our updated Privacy Policy here.



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
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
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here:
  • While the meetings of central bankers in the US, Japan and the UK will be front, left and center of traders’ minds this coming week, it would be wise not to ignore next Sunday’s German Federal Election. Get your euro forecast from @MartinSEssex here:
  • Take a closer look visually at the most influential global importers and exporters here:
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here:
  • GBP/USD’s consolidation could end soon if price breaks out of a symmetrical triangle in play since July. At this time, a downside breakout is likely following the appearance of a death cross. Get your weekly $GBP forecast from @DColmanFX here:
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here:
  • The Federal Reserve rate decision is likely to sway the near-term outlook for the price of gold as the central bank appears to be on track to scale back monetary support. Get your weekly gold forecast from @DavidJSong here:
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here:
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • A currency carry trade involves borrowing a low-yielding currency in order to buy a higher yielding currency in an attempt to profit from the interest rate differential. Find out if the carry trade suits your trading style here:
USD/CAD Set For Further Gains In Light of Bullish Candlestick Pattern

USD/CAD Set For Further Gains In Light of Bullish Candlestick Pattern

David de Ferranti, Currency Analyst

Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Bullish Engulfing pattern suggests gains to continue
  • Break above resistance 1.1000 to open advance on 1.1200

As suggested in yesterdays’ candlesticks report USD/CAD is poised for another run on the critical 1.1000 handle. This is supported by the formation of a Bullish Engulfing pattern on the daily, which has led to a quick about-face for the pair. A push above 1.1000 would favor new long positions with a potential target offered by the 2014 highs near 1.1280.

USD/CAD: Bullish Engulfing Pattern Suggests Further Gains

USDCAD-Set-For-Further-Gains-In-Light-of-Bullish-Candlestick-Pattern_body_Picture_2.png, USD/CAD Set For Further Gains In Light of Bullish Candlestick Pattern

Daily Chart - Created Using FXCM Marketscope 2.0

Drilling down to the four hour chart; it is evident the bulls were able to regain control of prices following some signs of hesitation signaled by the Doji candlestick near 1.0910. The 1.1000 handle will be in focus during the session ahead given it is likely to prompt some sellers to emerge. However we’re yet to see a bearish engulfing pattern form, which suggests an intraday dip may be unlikely at this stage.

USD/CAD: Doji Puts Bears In Doubt

USDCAD-Set-For-Further-Gains-In-Light-of-Bullish-Candlestick-Pattern_body_Picture_1.png, USD/CAD Set For Further Gains In Light of Bullish Candlestick Pattern

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.

Learn how to read candlesticks to help identify trading opportunities with the DailyFX Candlesticks Video Course.

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