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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Mixed
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Breaking news

ECB leaves monetary policy unchanged

Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.91%, while traders in EUR/USD are at opposite extremes with 70.86%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/FcASLFRNcz
  • #Gold Price Outlook: $XAUUSD Rally Entering 6th Week– $GLD Breakout Levels - https://t.co/kWu10QhVjX https://t.co/kfiimF2aYY
  • Fed's Bostic says 'the answer is no' on using negative interest rates - BBG
  • Fed's Bostic says risk of deflation not likely a problem if control of virus is established $DXY
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -0.37% Silver: -0.66% Oil - US Crude: -0.86% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/MHCawBh8bz
  • Fed's Bostic says keeping economy closed forever is not feasible - BBG
  • Hey traders! Get your Thursday US market opening session update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/7qWjhyR91D
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.23% 🇪🇺EUR: 0.16% 🇨🇭CHF: 0.12% 🇳🇿NZD: -0.10% 🇯🇵JPY: -0.12% 🇨🇦CAD: -0.19% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/UutSyUTZ2r
  • So @PrivilegeUK, our car insurer, says go to @Autoglass to replace our broken windscreen. Autoglass says it doesn't have one for our car. Privilege says we can't go to our local garage that does have one unless we pay. Come on guys. Please sort this out
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.03% FTSE 100: -0.08% Wall Street: -0.47% US 500: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/5gxVUowdSz
USD/CAD Reversal Signals Absent With 1.0960 Hurdle Nearby

USD/CAD Reversal Signals Absent With 1.0960 Hurdle Nearby

2014-08-05 11:49:00
David de Ferranti, Currency Analyst
Share:

Talking Points

  • USD/CAD Technical Strategy: Longs Preferred
  • Absence of Bearish Signals Suggests Gains May Continue
  • Daily Close Above Nearby Resistance To Open 1.1040

USD/CADis within striking distance of the 1.0960 mark, which may see some pre-emptive profit-taking from traders. However, with bearish reversal signals seemingly lacking at this point, the potential for a correction may be limited. A daily close above the nearby 1.0960 ceiling could generate a push to the April highs near 1.1040.

USD/CAD: 1.0960 Target Draws Nearer With Reversal Signals Absent

USD/CAD Reversal Signals Absent With 1.0960 Hurdle Nearby

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

A similar narrative to the daily is evident on the four hour timeframe after a Bearish Engulfing formation failed to find validation from an ensuing down-period. This casts doubt on a potential correction for the pair over the session ahead. A retreat below the 1.0900 floor would be required to shift the immediate risk to the downside.

USD/CAD: Bearish Patterns Fail To Find Follow-Through

USD/CAD Reversal Signals Absent With 1.0960 Hurdle Nearby

4 Hour Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here

By David de Ferranti, Currency Analyst, DailyFX

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.

DISCLOSURES

News & Analysis at your fingertips.