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
More View more
Real Time News
  • Key levels in forex tend to draw attention to traders in the market. These are psychological prices which tie into the human psyche and way of thinking. Learn about psychological levels here: https://t.co/8A1QhwMVKo https://t.co/rWVlBs6H3c
  • The update to the US Consumer Price Index (CPI) is likely to sway the US Dollar during the Federal Reserve’s blackout period as the central bank braces for a transitory rise in inflation. Get your weekly $USD forecast from @DavidJSong here: https://t.co/JTuP7CLlyi https://t.co/tOvqn3Gdpc
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/s5dn4ZKnku
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACyvdZ https://t.co/6VjW5FEiQW
  • Global stocks bounce back from recent pullback as key resistance levels lie ahead. Get your weekly equities forecast from @HathornSabin here: https://t.co/wXSWo1JygD https://t.co/vWVaSEQTXT
  • Do you know how to properly Identify a double top formation? Double tops can enhance technical analysis when trading both forex or stocks, making the pattern highly versatile in nature. Learn more about the double top formation here: https://t.co/t9FlspUVZz https://t.co/9kfBu04auM
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here: https://t.co/lgDf5ddzFV https://t.co/8GJ6OQYgnW
  • Bitcoin (BTC) started the day on the front foot on the Twitter news before the latest China crypto ban hammered the market lower. Get your weekly crypto forecast from @nickcawley1 here: https://t.co/ZKHGXeVhsR https://t.co/QSltMQml6N
  • Greed is a natural human emotion that affects individuals to varying degrees. Unfortunately, when viewed in the context of trading, greed has proven to be a hindrance more often than it has assisted traders. Learn how to control greed in trading here: https://t.co/kODPAfJE79 https://t.co/DSp7f3YuAx
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/HNqHcbL6vk
Canadian Dollar Price - USD/CAD May Resume Bearish Price Action

Canadian Dollar Price - USD/CAD May Resume Bearish Price Action

Mahmoud Alkudsi, Analyst

USD/CAD Price Outlook, Charts and Analysis

  • US Dollar looking ahead to Fed Chairman Powell speech today.
  • USD/CAD edging lower after the last week’s failure to close above the consolidation zone.

Did we get it right with our US Dollar forecast? Find out more for free from our Q2 USD and main currencies forecasts

To learn more about data releases for this week check outDailyFX Economic Calendar

USD/CAD – Back to the Congestion Area

On May 29, USD/CAD rallied off the consolidation zone . However, it failed to close above 1.3517 and repeated its failure twice in the following days after returning to trade within the same old consolidation zone. The price showed a lack of momentum to keep rallying and this has been confirmed as the (RSI) reading remained flat between 58- 59.

Yesterday, the bears took the initiative leading USD/CAD to close below 1.3457. Alongside, the (RSI) crossed below the 50 threshold, tipping the scale to the downside.

Having trouble with your trading strategy?Here’s the #1 Mistake That Traders Make

USD/CAD DAILY PRICE CHART (FEB 11, 2019 – Jun 04, 2019)

USD/CAD Price daily Chart 04-06-19

Looking at the USD/CAD daily chart we notice the bears looking to send the price to the lower end of April 23 consolidation zone at 1.3377. Weekly support levels at 1.3410, 1.3400 and 1.3386 should be watched closely.

Further bearish sentiment could start if the pair closes below 1.3377 moving the price to the March 4 – April 23 consolidation zone (1.3286 – 1.3377) with an increased likelihood to see the lower end of the range. Weekly support at the May 22 low 1.3357/54 and the support zone at 1.3341- 1.3335 should be monitored. Additionally, key support levels at 1.3309 and 38.2% Fibonacci retracement at 1.3299 also need to be considered.

A close above 1.3457 could mean a rally towards 1.3517. Daily resistances at 1.3469, 1.3493, remain in focus.

Just getting started?See our Beginners’ Guide for FX traders

USD/CAD Two-HOUR PRICE CHART (, 2019)

USD/CAD price 2H chart 04-06-19

Looking at the 2-hour chart, today USD/CAD broke below the May 27 low at 1.3429 then rose to 1.3449. The price is testing the aforementioned low eying 1.3410. If the pair breaks below 1.3410 it may edge even lower towards 1.3377. The support at 1.3393 need to be monitored besides the daily and weekly support levels mentioned above.

A break above the down-trend line originated from the May 31 high at 1.3565 could lead the price towards 1.3493. Resistance at 1.3485 and the daily resistance mentioned above at 1.3469 are worth monitoring.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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

DISCLOSURES