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
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Bearish
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
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.93% Silver: 0.75% Gold: 0.72% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/g27Iwp8uPa
  • 🇺🇸 NAHB Housing Market Index (MAY) Actual: 83 Expected: 83 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.00%, while traders in Germany 30 are at opposite extremes with 71.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CRl85ShvFp
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.78% Silver: 0.70% Gold: 0.56% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/2TtnMVtOFs
  • $EURUSD still battling at that fibo resistance 2167, another inflection this morning https://t.co/v1X3gN2RRX https://t.co/oMC1OvWkI7
  • Heads Up:🇺🇸 NAHB Housing Market Index (MAY) due at 14:00 GMT (15min) Expected: 84 Previous: 83 https://www.dailyfx.com/economic-calendar#2021-05-17
  • Indices Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Germany 30: -0.01% France 40: -0.13% Wall Street: -0.29% US 500: -0.29% FTSE 100: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/e0gUTLKXn0
  • The Pound saw a modest bout of buying as GBP had been underpinned by reduced political tail risks after the SNP failed to gain a majority at the Scottish Election. Get your $GBP market update from @JMcQueenFX here:https://t.co/bbxv0Aq2LJ https://t.co/LhP15IXDPp
  • it's a big week for $TSLA stock last week it gave up the trendline that's been in-play since last August This week, opening at the 38.2% retracement of the 2020/21 rally https://t.co/cUThTeLFN8
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.11%, while traders in Germany 30 are at opposite extremes with 74.44%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/lyppug4pkN
Canadian Dollar Outlook: USD/CAD a Break above 1.3200 price – What is Next?

Canadian Dollar Outlook: USD/CAD a Break above 1.3200 price – What is Next?

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 – The Buyer’s Come Back

On July 26, USD/CAD closed with a Doji pattern indicating to a possible risk of reversal. On Wednesday, the price dropped to the boundary of 1.3100 handle. However, the buyers took charge after, sending the pair yesterday to its highest levels in six weeks.

This week, the Relative Strength Index (RSI) rebounded from 50 then pointed higher emphasizing the seller’s lack of momentum to start a fresh downside move.

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

USD/CAD DAILY PRICE CHART (FEB 10, 2017 – AUG 2, 2019) Zoomed Out

USDCAD price daily chart 02-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (June 1 – AUG 2, 2019) Zoomed In

USDCAD price daily chart 02-08-19. Zoomed in

Looking at the daily chart, we notice USD/CAD started to firm above 1.3144 since July 25. The pair tested mentioned level twice this week however, closed above reflecting the buyer’s clear intention to lead the price.

Today, USD/CAD tests a move to the higher trading zone 1.3224 – 1.3280. Hence, a close above the low end could send the price towards the high end in the next week. Although, the weekly resistance level underlined on the chart (zoomed in) should be kept in focus. Further close above the high end may cause a rally towards 1.3357. Nonetheless, the weekly resistance level and zone marked on the chart should be considered.

On the other hand, any failure in closing above the low end could send the pair towards 1.3166 contingent on clearing the handle drawn on the chart (zoomed in). See the chart to know more about the lower trading zone/s with the daily and weekly support levels the price might rebound from in a further bearish scenario.

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

USD/CAD Four-HOUR PRICE CHART (JUly 15 – AUg 2, 2019)

USDCAD price four- hour chart 02-08-19

Looking at the four-hour chart, we notice on Wednesday USD/CAD climbed above 1.3200 handle for the first time in five weeks. Although, the buyers need to clear the high uptrend line on the trend lines fan originated from the July 22 low at 1.3040 in order to rally the price.

Therefore, a break above 1.3261 may push the price towards 1.3313. However, the high end of current trading zone needs to be kept in focus. See the chart to know more about the next resistance level buyers would encounter above mentioned levels.

On the flipside, a break below 1.3191 could send the price towards 1.3144 for a test of the low uptrend line on the trend lines fan originated from the low mentioned above. Although, the daily support level at 1.3166 should be watched closely. Look at the chart to know the next support levels sellers would face below the uptrend line.

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