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.



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
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
  • Trading Forex is not a shortcut to instant wealth, excessive leverage can magnify losses, and sentiment is a powerful indicator. Learn about these principles in depth here:
  • Although the medium-term outlook remains negative, Bitcoin could make a bullish move in the coming days if prices manage to hold above key support in the $29,150/28,600 region. Get your #Bitcoin forecast from @DColmanFX here:
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here:
  • Brush up your knowledge on trade-wars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here:
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:
  • AUD/USD is likely to face increased volatility over the coming days as it faces a batch of key event risks going into the end of July. Get your Australian Dollar forecast from @DavidJSong here:
  • The US Dollar outlook against ASEAN currencies like the Singapore Dollar, Thai Baht, Indonesian Rupiah and Philippine Peso remains bullish amid capital outflows risks as Covid cases swell. Get your market update from @ddubrovskyFX here:
  • Is investing in your favorite brand or buying its products the better financial move? Read the article for a breakdown.
  • Crude oil prices collapsed on Monday despite an OPEC+ breakthrough, driven by Covid-induced demand woes. Meanwhile, Gold is at odds with a stronger US Dollar and falling Treasury yields. Get your #crudeoil market update from @FxWestwater here:
  • The Japanese Yen has been making a comeback, but it may soon resume its decline against the US Dollar as USD/JPY consolidates within a bullish Falling Wedge. Watch for a breakout. Get your market update from @ddubrovskyFX here:
USD/CAD Technical Analysis: Approaching Support Before BoC

USD/CAD Technical Analysis: Approaching Support Before BoC

Tyler Yell, CMT, Currency Strategist

Talking Points:

Next week brings the Bank of Canada rate announcement, which will be in focus for traders trying to discern how stern Stephen Poloz will be on Monetary Policy going forward. Much of the strength in the Canadian Dollar has been attributed to a positive shift in economic data combined with a less dovish Bank of Canada.

As the macro opening range of 2017 of 2017 finishes up, it has been highlighted by commodity FX strength vs. USD. As of Friday, we see the Australian Dollar and Canadian Dollar as the two strongest currencies in G10FX with NZD not far behind.

Commodities are seen as an inflation hedge, and the surprising weakness in USD has provided a further boost in some commodities and currencies whose Central Banks are not expected to engage in further easing. The question for most traders has become whether the USD still has more room to fall, and if commodities and the economies who do well when they appreciate could also continue to benefit well into H1 2017.

Interested in Joining Our Analysts, Instructors, or Strategists For a Free Webinar? Register Here

The momentum to push lower in USD/CAD is at odds with a pattern on the chart that has included a strong bounce higher from the 200-dma (1.3098) and deep retracements in the choppy move higher. While some would argue that momentum may be bottoming out, it’s equally unsure whether or not the subsequent upside momentum or retracement to the mean will be worth a countertrend trade. If the price subsequently breaks below the perceived pin-bar on Thursday, it is likely an appropriate view that the down-move could continue to extend and surprise many.

Given the current environment, we would argue that the environment of strong commodity FX, surprisingly weak USD, and the Bank of Canada meeting next week should hold off Bulls until a close above 1.3296 (Wednesday’s high & Ichimoku Cloud) surfaces. Until then, we’ll focus on a possible push through Thursday’s low of 1.3029 to target the twin lows of September and August at 1.2822 and 1.2763 respectively.

What Did The Analysts Learn After Trading Of All 2016? Click Here To Find Out

D1 USD/USD Chart: Trading Well In a Falling Channel. Now Faces 200-DMA Support

USD/CAD Technical Analysis: Approaching Support Before BoC

Chart Created by Tyler Yell, CMT


Key Short-Term Levels as of Wednesday, January 13, 2017

For those interested in shorter-term levels of focus than the ones above, these levels signal important potential pivot levels over the next 48-hours.

USD/CAD Technical Analysis: Approaching Support Before BoC


Interested in learning more about markets and trading strategies? Join Tyler and other DailyFX analysts for FREE every trading by registering HERE!

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