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
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
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
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
USD/JPY
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
More View more
Real Time News
  • Trump says considering term-limited suspension of payroll tax - BBG
  • RT @FxWestwater: #SP500 Outlook: Options Traders Positioned for New All-Time High w/ @RichDvorakFX via @DailyFX $SPX https://t.co/8WkV…
  • Fed's Mester says there is not much support for going negative on rates - BBG
  • The Pound Sterling could continue its bullish trend if the Bank of England defers NIRP remarks. Get your $GBP market update from @RichDvorakFX here:https://t.co/0qVLWRjqIm https://t.co/IbRF1eBx1w
  • 🇧🇷 Interest Rate Decision Actual: 2% Expected: 2% Previous: 2.25% https://www.dailyfx.com/economic-calendar#2020-08-05
  • White House Chief of Staff Meadows says talks done for the day on stimulus, no consensus reached- BBG
  • Fed's Mester: - More stimulus can be available from forward guidance and bond buying - Downside risks increased from recent virus uptick - BBG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.52% 🇦🇺AUD: 0.43% 🇳🇿NZD: 0.38% 🇬🇧GBP: 0.32% 🇯🇵JPY: 0.12% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/gewmUIxsEK
  • The USD is approaching the 92.50 zone, which helped to hold the lows last week. Support or a reversal here puts AUD/USD in an interesting spot for reversals. Get your $USD technical analysis from @JStanleyFX here: https://t.co/mDGCXV26Q7 https://t.co/eAL5wzC3wi
  • Heads Up:🇺🇸 Fed Mester Speech due at 21:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2020-08-05
USD/CAD Hugs Trend Line, But For How Much Longer?

USD/CAD Hugs Trend Line, But For How Much Longer?

2017-11-21 00:44:00
Jeremy Wagner, CEWA-M, Head of Education
Share:

Previously, we wrote how USD/CAD may soon begin a resumption of the downtrend. The corrective phase higher appears to be extending for the time being.

The wave from the October 31 high to the November 10 low appears to be a three wave zigzag pattern. This shifts the odds that any weakness may prove to be temporary. We still think the blue trend line will break, as the move higher is not carving in motive fashion. As a result, I suspect we are in a larger ‘b’ wave, which is a sucker’s wave.

USD/CAD Hugs Trend Line, But For How Much Longer?

A trader could view an opportunity to short on a technical break of the blue trend line. Look for this secondary down wave to be equal in length to the October 31 to November 10 down wave. This forecasts a target level near 1.2418-1.2571.

Why do a majority of traders lose? Find out in our traits of successful traders research.

USD/CAD Elliott Wave Forecast Nov 20 2017

USD/CAD Hugs Trend Line, But For How Much Longer?

From a sentiment perspective, the majority of traders are positioned net long and the number of long traders has abated. Sentiment is a contrarian tool so it provides us with a shorter term bearish signal for USD/CAD and medium term mixed signal. This implies a small dump in USDCAD so we will use the trend line break as our trigger.

Bottom line, USD/CAD appears to have a shorter term downward correction coming that may drive down towards 1.24-1.25.

Want to learn more about Elliott Wave analysis? Grab the Beginner and Advanced Elliott Wave guides and keep them near your computer.

---Written by Jeremy Wagner, CEWA-M

Jeremy is a Certified Elliott Wave analyst with a Master’s designation. This report is intended to help break down the patterns according to Elliott Wave theory.

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

Follow on twitter @JWagnerFXTrader .

Join Jeremy’s distribution list.

Other Elliott Wave forecasts by Jeremy:

GBP/USD Hanging Over the Edge of a Cliff

AUDUSD technical forecast hints at the market searching for a bottom.

Gold sport a bearish pattern while EURUSD may dip to 1.1650. (Webinar)

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

DISCLOSURES

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.