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.

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
Oil - US Crude
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
Wall Street
Bearish
Gold
Bearish
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
Mixed
More View more
Real Time News
  • WTI crude oil prices (WTI) lost 4.7% so far this week. Demand concerns and a rising US Dollar sent crude oil prices lower on Thursday. Cloudy economic recovery prospects weighed on sentiment, despite falling US crude inventories. https://t.co/nVHCe4DX3g
  • Based on recent price action in the US Dollar, might... $USDSGD $USDMYR $USDPHP $USDIDR ...be heading higher next? Check out my latest #ASEAN technical update here - https://www.dailyfx.com/forex/technical/article/special_report/2020/09/24/US-Dollar-Comeback-Ahead-USDSGD-USDMYR-USDPHP-USDIDR.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/9sIQFVeydt
  • Wall Street Futures Update: Dow Jones (-0.393%) S&P 500 (-0.418%) Nasdaq 100 (-0.653%) [delayed] -BBG
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here: https://t.co/JdvW6HNuqV https://t.co/FXpr6RibWT
  • Markets attempted pull risk trends out of their dive this past session, but sentiment (via $SPX) ultimately returned to its bearish course. Meanwhile, $EURUSD is consistent with its reversal. My video for today: https://www.dailyfx.com/forex/video/daily_news_report/2020/09/24/EURUSD-Extends-its-Dive-as-Late-Day-Selloff-Puts-SP-500-On-Verge-of-Correction.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/Q6JZKW2B1y
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.57%, while traders in EUR/GBP are at opposite extremes with 64.76%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/JHNAiIgVLv
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.11% 🇪🇺EUR: -0.02% 🇯🇵JPY: -0.06% 🇨🇦CAD: -0.08% 🇳🇿NZD: -0.22% 🇦🇺AUD: -0.33% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/im3IxxDQ3y
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.15% US 500: 0.12% FTSE 100: -0.94% Germany 30: -1.00% France 40: -1.04% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/X6mMfIY6HW
  • The US Dollar, British Pound, and Euro will all be closely watching key geopolitical developments in North America (Powell testimony), the UK (Brexit talks) and Europe (EU summit). Get your market update from @ZabelinDimitri here:https://t.co/q4AJW6PTCu https://t.co/e0rwBFOnqX
  • RT @stlouisfed: The current recession has in many ways been more extreme than the Great Depression, yet the economy is projected to recover…
Forex: USD/CAD Technical Analysis – Aiming for Support Below 1.09

Forex: USD/CAD Technical Analysis – Aiming for Support Below 1.09

2014-02-19 06:20:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0892 (50% Fib ret.), 1.0813 (61.8% Fib ret.)
  • Resistance: 1.0970 (38.2% Fib ret.), 1.1067 (23.6% Fib ret.)

The Canadian Dollar continued to press higher against its US namesake as expected after clearing support at 1.0670, the 38.2% Fibonacci retracement. The 50% level at 1.0892 lines up as the next key downside barrier, with a further push below that exposing the 61.8% Fib at 1.0813. Alternatively, a move back above 1.0970 targets for the 23.6% retracement at 1.1067.

A short position triggered no lower than 1.0931 with a target at 1.0892 and a stop-loss triggered on a close above 1.0970 satisfies the minimum acceptable 1:1 risk/reward ratio. We will opt to stand aside on the basis of tactical considerations however.Prices have closely tracked the two-year yield spread, hinting the monetary policy outlook is in the driver’s seat. That bodes ill for the Loonie considering markets are pricing in no changes in BOC policy over the coming 12 months (according to data from Credit Suisse) while the Fed is seen delivering an effective 31bps in tightening over the same period.

Confirm your chart-based trade setups with the Technical Analyzer. New to FX? Start Here!

dailyclassics_usd-cad_body_Picture_12.png, Forex: USD/CAD Technical Analysis – Aiming for Support Below 1.09

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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

DISCLOSURES