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.

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
Subscribe
Please try again
EUR/USD
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
Oil - US Crude
Mixed
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bearish
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
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Gold are long at 80.73%, while traders in France 40 are at opposite extremes with 77.97%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/4Yu6qFQ8ho
  • The single currency put in big moves against USD and JPY on the heels of yesterday’s FOMC rate decision. Get your market update from @JStanleyFX here:https://t.co/SKxeAAQjN2 https://t.co/z9ExhYuTmV
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: -2.22% Oil - US Crude: -3.04% Silver: -4.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/hvJpWHrofR
  • WTI extends its decline, now down over 2% on the day $CL_F #WTI https://t.co/5KWv8seB72
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.40% 🇬🇧GBP: -0.48% 🇨🇦CAD: -0.57% 🇦🇺AUD: -0.69% 🇪🇺EUR: -0.70% 🇨🇭CHF: -0.98% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/0L8ij57Cdl
  • The Dow's bearish break is extending its slow rollover while the Nasdaq 100 is pushing a fresh record high. The 10-day correlation between the two at -0.76 is the most divergent since June 15, 2017 https://t.co/wlvBbKND01
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: France 40: -0.04% Germany 30: -0.08% FTSE 100: -0.13% US 500: -0.22% Wall Street: -0.79% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/kknzVYhTvR
  • Euro Technical Analysis: EUR/USD, EUR/JPY, EUR/GBP https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/06/17/Euro-Technical-Analysis-EUR-USD-EUR-JPY-EUR-GBP.html $Euro https://t.co/Z9AB4CZPEn
  • The price of gold tumbles to a fresh monthly low ($1776) as the Federal Reserve continues to upgrade its economic outlook for the US economy. Get your $XAUUSD market update from @DavidJSong here:https://t.co/SKxeAAQjN2 https://t.co/acLabMXfUS
  • ECB's Weidmann calls for PEPP to end soon - Adds that inflation spike is temporary
USD/CAD Technical Analysis – Double Bottom Vulnerable

USD/CAD Technical Analysis – Double Bottom Vulnerable

Ilya Spivak, Head Strategist, APAC

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

Talking Points:

  • USD/CAD Technical Strategy: Flat
  • Support: 1.0828-50 (23.6% Fib exp., double bottom?), 1.0782 (38.2% Fib exp.)
  • Resistance: 1.0892 (14.6% Fib exp.), 1.0941 (May 21 high)

The US Dollar continued to weaken against its Canadian namesake after faltering at resistance above the 1.09 figure. Sellers are within striking distance of pivotal support in the 1.0828-50 area, marked by the 23.6% Fibonacci expansion and a would-be double bottom. A break below this barrier on a daily closing basis initially exposes the 38.2% level at 1.0782. Alternatively, a reversal back above the 14.6% Fib at 1.0892 opens the door for a challenge of 1.0941, the May 21 high.

Prices are too close to support to justify a short position from a risk/reward perspective. On the other hand, the absence of a confirmed bullish reversal signal warns against taking up the long side. We will remain flat for now.

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

USD/CAD Technical Analysis – Double Bottom Vulnerable

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