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
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
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
Wall Street
Bearish
Gold
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
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • The Dow Jones, S&P 500 and AUD/USD could be at risk of extending losses as retail investors increase upside exposure. What are key technical levels to watch for? Find out from @ddubrovskyFX here:https://t.co/ivQmFUTGdU https://t.co/KuIoM7g9E3
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/38gTDn8ejP https://t.co/FBT1eSZdjF
  • There’s a strong correlation between interest rates and forex trading. Forex is ruled by many variables, but the interest rate of the currency is the fundamental factor that prevails above them all. Learn how interest rates impact currency markets here: https://t.co/ERyiY47G5H https://t.co/LRL1iD3JDt
  • Even though the Australian Dollar lost some ground this week, support levels held. Bearish developments are brewing in $AUDUSD and $AUDJPY but remain unconfirmed. What else does #AUD face ahead technically? - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2020/10/24/Australian-Dollar-Technical-Forecast-AUDUSD-AUDJPY-EURAUD-GBPAUD.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/0gHyXW1vHh
  • Forex sentiment analysis can be a useful tool to help traders understand and act on price behavior. Learn how to get the most out of understanding trader sentiment here: https://t.co/LjEjTexrCg https://t.co/9qcanKW0uT
  • Third wave? We haven’t beaten the first wave. Until the virus is under control, the US economy won’t be able to properly heal, plain & simple. The lack of a competent response saps courage. Defeat the virus, then get people back to work. In that order. https://t.co/8R8IyTZejM
  • The British Pound may fall if EU and UK negotiators fail to reach a consensus as the December 31 deadline nears. The third presidential debate is on deck, how might markets react? Find out from @ZabelinDimitri here:https://t.co/kDSYzBDA3t https://t.co/80xL2Hyat7
  • The #Fed b/s hit a record high USD ~7.18T this week! Been awhile since I last did an update so here it is! I smoothened out analysis by using 4W moving averages You can see how into summer #SP500 growth 👇 as the b/s 👇 Since then it flipped until recent fiscal talk jitters https://t.co/4AESBo99dl
  • The US Dollar is losing ground against ASEAN FX, with USD/SGD and USD/IDR possibly readying to extend declines. Will USD/PHP and USD/MYR follow? Find out from @ddubrovskyFX here: https://t.co/l705RWumj5 https://t.co/wySomzNGbm
  • RT @FxWestwater: #Copper Price Forecast: US Q3 GDP and Chinese PMI in Focus - via @DailyFX https://www.dailyfx.com/forex/market_alert/2020/10/23/Copper-Price-Forecast-US-Q3-GDP-and-Chinese-PMI-in-Focus.html https://t.co/SV0GskVO…
Canadian Dollar Price: USD/CAD Hammered at Resistance – Now Eyes the Support

Canadian Dollar Price: USD/CAD Hammered at Resistance – Now Eyes the Support

2019-08-06 10:11:00
Mahmoud Alkudsi, Analyst
Share:

USD/CAD Price Forecast

Check out our Q3 USD and Gold forecasts .Download for free main currencies and commodities trading guides.

USD/CAD – Stalled Upward Move

Last week USD/CAD Broke above 1.3200 price then spiked to its highest level in 7 weeks at 1.3266. However, the pair slipped back and closed with a Doji Pattern nearby 1.3200 handle, reflecting the buyer's indecision to keep rallying the price.

Alongside this, the Relative Strength Index (RSI) remained flat around 57 indicating to a paused upward momentum.

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

USD/CAD DAILY PRICE CHART (Jan 10, 2017 – AUG 6, 2019) Zoomed Out

USDCAD price daily chart 06-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (April17 – AUG 6, 2019) Zoomed In

USDCAD price daily chart 06-08-19. Zoomed in

Looking at the daily chart, we notice yesterday USD/CAD closed with another Doji pattern, indicating to a clear intention from the sellers to lead the price.

Today, the pair eyes the low end of the current trading zone 1.3166 – 1.3256. Hence, a close below the low end may press the price lower towards 1.3124. Nonetheless, the weekly support underscored on the chart (zoomed in) should be kept in focus. Further close below 1.3224 may see the price even lower towards 1.3064. The weekly support area and level highlighted on the chart would be worth monitoring.

In turn, any continuation of the stalled bullish move may require a close above the high end of the zone. This may push the price towards 1.3357. Although, the weekly resistance marked on the chart should be watched along the way, with special attention to 1.3284.

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

USD/CAD Four-HOUR PRICE CHART (JUly 15 – AUg 6, 2019)

USDCAD price four- hour chart 06-08-19

Looking at the four-hour chart, we notice yesterday USD/CAD started a sideways move creating lower highs with higher lows. Hence a break above 1.3256 could revisit the upward move sending the price towards 1.3284. Although, the August 2 high underlined on the chart needs to be considered. See the chart to know more about the next significant resistance levels in a further bullish scenario.

On the other hand, its worth noting the importance of the uptrend line originated from the July 22 low at 1.3040. Thus, any break below 1.3144 may lead the price towards 1.3110. However, the weekly support at 1.3124 needs to be monitored. Look at the chart to find out more about another possible point the price may break below the uptrend line, with the weekly support 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.

DISCLOSURES