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
Mixed
Wall Street
Bullish
Gold
Bearish
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
Mixed
USD/JPY
Bearish
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
More View more
Real Time News
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/kgddX1ZHe4
  • I approve of this dry humor. https://t.co/b42GmIZDlL
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/59cdbPc4l7
  • The #Nikkei 225 trades at 4-month highs after a 50% surge from the March low, while the RSI registers its first overbought readings since November 2019. Get your market update from @DanielGMoss here: https://t.co/pOEt698Ooi https://t.co/EHD2EHmQLW
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/8gGfGuw87o
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/VFxFMFWJ5L
  • Texas virus cases increase 2.4%, above 7-day average of 2.3% - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.68% 🇨🇦CAD: 0.58% 🇬🇧GBP: 0.56% 🇪🇺EUR: -0.40% 🇯🇵JPY: -0.41% 🇨🇭CHF: -0.71% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/KqzhTKmnaK
  • The divergence between weekly gains in the #Fed balance sheet and with the #SP500 continues to grow https://t.co/A7HQRtukwj
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -1.11% Silver: -1.74% Gold: -1.78% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oiiAzDSusO
USD/CAD Appears to Resume a Longer Term Downtrend

USD/CAD Appears to Resume a Longer Term Downtrend

2017-05-25 04:20:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

In our previous article, we introduced the topic of the 12 month upward correction being over near the 1.38 high. So far, that high has held while USD/CAD is selling off in apparent impulsive fashion reaching our initial target of 1.3411.

The Elliott Wave model suggests the downtrend is incomplete with more room to sell off. It appears from the model that USD/CAD may be in wave iii of (iii). Wave 3 tends to be the longest and strongest wave. There are some wave relationships showing up near 1.3350-1.3375 that may offer a temporary bump higher.

USD/CAD Forecast May 24, 2017

If a bump higher were to develop, it may move USD/CAD up towards 1.3475 – 1.3520. Shorts are offered an opportunity at higher levels near 1.35 on an upward bounce.

If price moves above 1.3575, then it would be cause to pause and review the wave count. We do not anticipate that far of a bounce but it does show up as a lower probability move. Traders could use 1.3575 as a key level for bears.

The larger downside target is near 1.24 on a successful sell off.

Interested in learning more about Elliott Wave Theory? Grab the beginner and advanced Elliott Wave guides.

---Written by Jeremy Wagner, CEWA-M

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

The Elliott Wave model for crude oil prices points sideways to higher levels.

USDJPY’s Elliott Wave model shows it is vulnerable to a 110.60 retest.

EUR/USD has been ripping lately. Read more on the EURUSD Elliott Wave picture.

Read the recent Dow Jones Elliott Wave article.

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

DISCLOSURES

News & Analysis at your fingertips.