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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • US Dollar Price Action Setups: EUR/USD, GBP/USD $USD $EURUSD $GBPUSD
  • RT @CGasparino: BREAKING -- @JoeBiden Admin is in the early stages of developing a regulatory approach to the booming crypto biz, sources t…
  • The US Dollar is in correction within the yearly uptrend with the decline now eyeing initial support objectives just lower. Get your $USD technical analysis from @MBForex here:
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: -0.03% Gold: -0.29% Silver: -0.57% View the performance of all markets via
  • The Dollar ($DXY) has cleared both its 50-day SMA and the midpoint of the 2021 range. What has greater pull: its roll as wayward safe haven (vs inverted $SPX) or the recent fade in returns (US 10yr). The 20-day correlation to both approximately ~0.8, strong
  • US Dollar Index (DXY) trend from last March picking up steam again. February and January lows up next on radar, could take a few weeks. Get your market update from @PaulRobinsonFX here:
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.55%, while traders in Germany 30 are at opposite extremes with 80.61%. See the summary chart below and full details and charts on DailyFX:
  • RT @ChadPergram: Biden now mtg w/bipartisan/bicameral mbrs about infrastructure. Says they're discussing "how to pay for it." Adds they "ho…
  • $WTI #Crude #Oil Price Outlook: Breakout Eyes Resistance- Bulls at Risk -
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.17% France 40: -0.21% FTSE 100: -0.21% Wall Street: -0.43% US 500: -0.63% View the performance of all markets via
USD/CAD Technical Analysis: Bearish Wedge Pattern Running Out of Real Estate

USD/CAD Technical Analysis: Bearish Wedge Pattern Running Out of Real Estate

Tyler Yell, CMT, Currency Strategist

Talking Points:

-USD/CAD Technical Strategy: Bearish Wedge Flirting With YTD Highs Brings Caution

-Heavy Economic Calendar Could Bring Big Moves

-US Dollar Currently Providing Support for USDCAD, Break below Support Opens USDCAD Downside

The week's opening Canadian Dollar’s gains were not able to hold through a weak GDP report. The September GDP shrank 0.5%, which was the largest monthly drop since 2009, and on that drop, USDCAD rose again to the formidable 1.3400 zone. USDCAD has shown an inability to close above the 1.3370 low price (the September 29th/ YTD extreme day). We’ll keep an eye for CAD strength into USD/CAD resistance. An inability to hold this support could show a strengthening of the CAD could develop. Later this week, we'll have the Bank of Canada rate decision and employment numbers, along with numous other high importance events that are sure to provide relative volatility to this pair and others.

The technical pattern in focus on USD/CAD is the Rising Wedge that began its decent on October 15. A breakdown that shows price closing below the trendline drawn across the higher-lows is bearish. The price support in focus ,which accompanies many of the closing and price lows in the second half of November is 132.80. The next support level that would validate a bearish move out of the bearish price pattern would develop on a close below 133.22, the November 12th low. Regarding resistance, the YTD high of 1.3456 is the upside target and the current invalidation of the rising wedge pattern.

Despite the bearish pattern, USDCAD’s resilience via higher closes has been undeniable. There are a few other technical developments, such as the loss of upside momentum as per RSI(5), the tight price range over the second half of November, or the falling ATR that points to the upside losing its appeal . However, we should be aware of new information this week that could encourage traders to buy USD or sell CAD that they weren’t already aware of now. Regardless, patience is a virtue in the sense that the pattern remains unproven, and the null hypothesis of the trader is that the trend will continue regardless of the evidence pointing to the contrary. A close into new year-to-date highs would naturally turn focus higher with 1.3222 remaining key support for new long position entries

FXCM’s Trading Book Shows That Upside May Continue Yet.

USD/CAD Technical Analysis: Bearish Wedge Pattern Running Out of Real Estate

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