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
Oil - US Crude
Wall Street
More View more
Real Time News
  • Join @DanielGMoss's #Webinar at 10:00 PM ET/2:00 AM GMT for his weekly coverage of trading prep for $AUDUSD in the week ahead. Register here:
  • $AUDUSD dipping in morning APAC trade following a speech from #RBA Governor Guy Debelle He mentioned that an option possibly being considered for other policy prescriptions is to buy bonds 'further out along the curve' (relatively dovish)
  • RBA's Debelle: 'Mixed' empirical evidence on negative rates, TFF increase is substantial easing of monetary policy -BBG #RBA $AUDUSD
  • RBA's Debelle: Lower #AUD would benefit economy, watching closely. FX intervention not effective in current circumstance -BBG $AUDUSD #RBA
  • RBA Deputy Governor Debelle: Reducing yield target, TFF rate possible policy option. RBA continues to assess other policy options -BBG
  • An economic calendar is a resource that allows traders to learn about important economic information scheduled to be released. Stay up to date on the most important global economic data here:
  • Heads Up:🇦🇺 RBA Debelle Speech due at 00:30 GMT (15min)
  • Top Chart: Haven US Dollar seen struggling vs #ASEAN currencies (SGD, IDR, PHP, MYR) despite risk aversion Bottom: Despite heavy US risk aversion #SP500, capital still flows into #EmergingMarkets, perhaps keeping these currencies afloat Stay tuned for my next ASEAN fundy!
  • The Nikkei 225 fell beneath 23,000 as it moves to the midpoint of its rising channel. Get your #Nikkei market update from @PeterHanksFX here:
  • As promised⬇️ "#SP500 Teeters on Precipice as Trump Trails Biden in Swing States"
Canadian Dollar Forecast: USD/CAD Price - Risk of a Possible Reversal

Canadian Dollar Forecast: USD/CAD Price - Risk of a Possible Reversal

2019-07-30 13:00:00
Mahmoud Alkudsi, Analyst

USD/CAD Price Outlook

  • USD/CAD charts and analysis.
  • USD/CAD price action

Have you checked the Q3 USD and Gold forecasts download for free main currencies and commodities trading guides.

USD/CAD – Hesitant Buyers

On Friday,USD/CAD rallied and rebounded nearby the 1.3200 handle, printing its highest level in over four weeks. However, the price slipped back then closed with a bearish Doji pattern, indicating to a possible reversal move.

Last week, the Relative Strength Index (RSI) crossed above 50 however, the oscillator remained flat this week, reflecting the buyer’s loss of momentum.

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

USD/CAD DAILY PRICE CHART (FEB 1, 2017 – July 30, 2019) Zoomed Out

USDCAD price daily chart 30-07-19 Zoomed out

USD/CAD DAILY PRICE CHART (June 7 – JULY 30, 2019) Zoomed In

USDCAD price daily chart 30-07-19 Zoomed in

Looking at the daily chart, we notice on Friday USDCAD failed to close above the low end of current trading zone 1.3166 – 1.3224. Yesterday, the price repeated its failure to close above the low-end emphasizing buyer’s weakness to keep rallying the price.

Hence, another close below the low end today may increase the likelihood of the price falling towards 1.3126. However, the weekly support level marked on the chart needs to be considered. See the chart to know more about the lower trading zone and the weekly support area to watch in a further bearish scenario.

On the flip-side, a close above the low end may lead the price towards the high end. However, the weekly resistance level underlined on the chart needs to be watched closely. See the chart for to know more about the higher trading zone with the weekly resistance level to consider in a further bullish scenario.

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

USD/CAD Four-HOUR PRICE CHART (JUly 18 – JuLY 30, 2019)

USDCAD price four- hour chart 30-07-19

Looking at the four-hour chart, we notice yesterday USD/CAD broke below the uptrend line originated from the July 22 low at 1.3040. Since then, the price has not been able to trade above this line. This suggest the pair may be heading towards 1.3103 contingent on remaining below the uptrend line.

Further bearish move below this level could send the price towards 1.3064. Although, the weekly support underlined on the chart needs to be monitored. See the chart to know more about the key support levels sellers may consider below mentioned levels.

It’s worth noting that, USDCAD could rally above the aforementioned uptrend line however, it may rebound around the July 26 high creating double top pattern where the neckline resides at 1.3148.

Finally, if the pair breaks above 1.3215 this could lead the price towards 1.3250 contingent on clearing the high end of the aforementioned trading zone. See the chart to find out more about the significant resistance levels if the rally continues above mentioned levels.

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.