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
Subscribe
Please try again
EUR/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
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
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
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.17%, while traders in Germany 30 are at opposite extremes with 76.03%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BRukjN8igq
  • LIVE NOW: Join Technical Strategist @MBForex for his Weekly Strategy Webinar to review the setups we're tracking into the weekly open! https://t.co/chKtG7ezG9
  • DailyFX is celebrating #IWD2021 by highlighting three leading women in finance who have dominated the headlines these past weeks. Who are these leaders and how are they trailblazing in their respective industries through challenges? Find out here: https://t.co/yLwZy53Mll https://t.co/kHl4m3BjaO
  • AUD/USD IG Client Sentiment: Our data shows traders are now net-short AUD/USD for the first time since Feb 26, 2021 when AUD/USD traded near 0.77. A contrarian view of crowd sentiment points to AUD/USD strength. https://www.dailyfx.com/sentiment https://t.co/x0f70yI74p
  • Nasdaq 100 support $Nas $qqq has been through quite a bit since I posted this last week, tested below support but jumped back above on Friday buyers trying to hold short term higher-low to kick off this week https://t.co/GzCYkmUDI4 https://t.co/PrqulnoVKD
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.03% 🇨🇦CAD: -0.11% 🇯🇵JPY: -0.22% 🇨🇭CHF: -0.36% 🇪🇺EUR: -0.38% 🇳🇿NZD: -0.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/27xEWpGGeB
  • Weekly Strategy Webinar starting in 15mins on DailyFX! https://t.co/lxd5fZ5LG7
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/SRguP3Nnp0
  • Saudi Led Coalition spokesman says Iran supplied weapons used in attacks on Saudi Arabia #OOTT
  • The US Dollar is headed higher today, continuing the late February rebound from below 90.00. The $DXY has risen above the 92.00 level today to currently trade around 92.30, its highest level since late November. $USD https://t.co/v826FTB2NI
US Dollar Price Eying FOMC Meeting – USD/CAD Price Important Resistance to Watch

US Dollar Price Eying FOMC Meeting – USD/CAD Price Important Resistance to Watch

Mahmoud Alkudsi, Analyst

USD/CAD Price Outlook, Charts and Analysis

  • Eyes on Fed rate decision for US Dollar and Canadian CPI numbers due to release tomorrow.
  • USD/CAD price rallies towards the consolidation zone.

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

USD/CAD – Back to the Old Trading Range

On Jun 10 , USD/CAD stopped its downtrend move at the level discussed in our previous article1.3250. The price rallied and closed on Friday within the old consolidation zone (1.3377 – 1.3516).

Alongside, the relative Strength Index (RSI) pointed higher and crossed 50 on Friday highlighting a possible start of an uptrend. Since then the oscillator has remained flat.

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

USD/CAD DAILY PRICE CHART (FEB 13, 2019 – JUn 18, 2019) Zoomed In

USD/CAD price daily chart 18-06-19 Zoomed Out

USD/CAD DAILY PRICE CHART (DEC 9, 2016 – JUnE 18, 2019) Zoomed Out

USD/CAD price daily chart 18-06-19 Zoomed Out

Looking at the daily chart we notice USD/CAD eying the higher end of the mentioned consolidation zone however, the pair needs to clear 1.3457. Therefore, any failure to close above this level may send the price to retest 1.3377.

Its worth noting that any close below 1.3377 may lead USD/CAD towards 1.3289. Although the weekly support levels at 1.3358 and 1.3332 should be watched closely.

Just getting started – need a hand? See our Beginners’ Guide for FX traders

USD/CAD Four-HOUR PRICE CHART (Jun 3, 2019 – Jun 18, 2019)

USD/CAD price 4H 18-06-19

Looking at the four-hour chart, we notice on Jun 11 USD/CAD found support at 1.3250 and started an uptrend creating higher highs with higher lows. However, since the start of this week this trend has paused reflecting bulls’ reluctance to continue pushing higher.

Mentioned uptrend could start to accelerate if USD/CAD breaks above 1.3457 this could lead the pair towards 1.3493 however, weekly resistance level at 1.3476 need to be kept in focus.

On the other hand, the pair’s outlook could shift if USD/CAD breaks below 1.3393 (the weekly low). This suggests the price trade even lower towards 1.3358 contingent on clearing the weekly support at 1.3377. See the chart for more key levels if the selloff continues below 1.3358.

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