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
EUR/USD
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
Oil - US Crude
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
Wall Street
Bullish
Gold
Mixed
GBP/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
USD/JPY
Bearish
More View more
Real Time News
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/1G7CRsegRX https://t.co/jBFhVRWLyy
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/u0HoA9tVvz
  • The #Euro may pay the price for the EU’s stance on its digital sovereignty while the US Dollar eyes closely-scrutinized US fiscal stimulus talks. Get your $EURUSD market update from @ZabelinDimitri here:https://t.co/Ga3DdHod7j https://t.co/Mfhb5iqLF6
  • The Indian Rupee struggled to benefit from an unexpected RBI rate hold as the Nifty 50 inched closer to invalidating a bearish reversal signal. What is the road ahead for USD/INR? Find out from @ddubrovskyFX here:https://t.co/Zjiay6hQWT https://t.co/TvedUlvwxd
  • While the balance sheet did not set higher highs US initial jobless claims fell to their lowest since the middle of March If you invert jobless claims, it set a higher high alongside #SP500 #FoodForThought ahead of the weekend, and have a good one! https://t.co/n6SaEdnpMi https://t.co/AKNYNlUa4l
  • Copper prices seem to have stalled just shy of key chart resistance as geopolitical tensions weigh on the global-growth proxy. Get your copper market update from @ddubrovskyFX here:https://t.co/qseySE5dWP https://t.co/zuQMaDqScY
  • When is a 1.76 million jobs added to the US economy underwhelming? When it is still 12.88 million jobs from the pre-pandemic level and economists warn the subsequent gains are going to slow sharply... https://t.co/IUMBsiGYYC
  • The New Zealand Dollar may extend its surge from yearly lows as it tentatively signals a cyclical upturn. NZD/USD, NZD/JPY rates poised for further gains. Get your market update from @DanielGMoss here: https://t.co/vrOuFkvWpX https://t.co/wKbQNFAZbn
  • The US Dollar is testing key support levels against the Singapore Dollar, Malaysian Ringgit, Philippine Peso and Indonesian Rupiah following persistent losses. Get your #ASEAN currencies market update from @ddubrovskyFX here: https://t.co/qqYDELqydd https://t.co/nh7SspnIzF
  • Another week of divergence between the #SP500 and the #Fed balance sheet S&P 500 +2.45% vs +1.74% prior B/S -0.06% vs -0.23% prior Focus may have lately been shifted to US fiscal stimulus hopes which all eyes are on this weekend and next week possibly #Liquidity https://t.co/FatSqvs2al
Canadian Dollar Analysis: USD/CAD Why the Sellers May Need to Watch This Price

Canadian Dollar Analysis: USD/CAD Why the Sellers May Need to Watch This Price

2019-06-28 09:36:00
Mahmoud Alkudsi, Analyst
Share:

USD/CAD Price Forecast, Charts and Analysis

  • Eyes on Canadian GDP and PCE numbers for US Dollar today.
  • USD/CAD price nearing its yearly support.

Did we get it right with our Gold and USD Dollar forecasts? Find out more for free from Q2 main Currencies and Commodities forecasts

USD/CAD – Bearish Momentum Picks up

On June 20, USD/CAD rebounded from 1.3150 however, the sellers continued eying a test of this support. On June 26, the bearish move resumed, and the price has been pushed to its lowest levels in nearly five months.

The Relative Strength Index (RSI) tested yesterday the boundary of the oversold territory, emphasizing the sellers are still in charge.

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

USD/CAD DAILY PRICE CHART (Mar 1, 2019 – JUn 28, 2019) Zoomed In

USDCAD price daily chart 28-06-19 Zoomed in

USD/CAD DAILY PRICE CHART (Apr 3, 2018 – JUnE 28, 2019) Zoomed Out

USDCAD price daily chart 28-06-19 Zoomed Out

Looking at the daily chart we notice USD/CAD eying a test of the vicinity of the Feb 1 low (yearly support) at 1.3068/64. Hence, a close below 1.3064 may lead the price towards 1.3014 although, the weekly support mentioned on the chart needs to be considered.

Its worth noting the importance of the closing price today (end of June) thus, any close below 1.3064 could maintain the bearish outlook of USD/CAD. However, further bearishness might require also a close below1.3014, this could see the price even lower towards 1.2916 nonetheless, the weekly supports highlighted on the chart should be kept in focus.

On the flipside, a failure to close below 1.3064 may rally the price to the higher end of the trading zone 1.3064 – 1.3150. However, the daily resistances marked at the chart would be worth monitoring.

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

USD/CAD Four-HOUR PRICE CHART (Jun 18, 2019 – Jun 28, 2019)

USDCAD price 4H 28-06-19

Looking at the four-hour chart, we notice on June 21 USD/CAD resumed its downtrend creating lower highs with lower lows. Therefore, a break below 1.3064 may pave the way towards 1.3014. Although, the weekly supports underlined on the chart need to be watched closely.

On the other hand, we notice on June 27 USD/CAD found resistance at 1.3138. A break above this resistance may lead the price towards the June 26 high at 1.3195 contingent on clearing the daily resistances at 1.3150 and 1.3175.

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

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.