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.

Free Trading Guides
EUR/USD
Bearish
GBP/USD
Mixed
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
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @globaltimesnews: A total of 1,052 cases of #coronavirus have been reported as of Jan 25 in #Hubei Province, with 129 in critical condit…
  • RT @FactSet: $SPX is reporting revenue growth of 2.9% for Q4, led by the Health Care (11%), Utilities (9%), and Communication Services (9%)…
  • The AUD has been hit by the risk-appetite pullback occasioned by the spread of Wuhan-strain coronavirus. This week may see domestic focus return, if headlines allow, with key inflation data due. Get your $AUDUSD market update from @DavidCottleFX here: https://t.co/UIpwno0pSq https://t.co/kib4d1mA0q
  • RT @anilvohra69: USD inverted (red) is correlated to Excess Reserves (blue) and Reserve Balances (green). 1/2 https://t.co/bbO1pPWY4F
  • RT @FactSet: $SPX is reporting a decline in earnings of -1.9% for Q4, led by the Energy (-42%), Consumer Discretionary (-14%), and Material…
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/6iMyDFqnqe
  • 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/2mjzvYvgSn
  • Previewing the Texas Rangers new home! https://t.co/WITZGSQPlc
  • Thanks for having me on @MartinSEssex https://t.co/fg8uOe16wr
  • The MACD is often used with its default setting when entering trades. However, this versatile indicator can be customized to assist traders in exiting trades too. Learn how to better incorporate the MACD into your trading strategy here: https://t.co/HnY7gzsI2q https://t.co/5F1DSvAXyy
Canadian Dollar Price: USD/CAD Uptrend Move Fades - Key Levels to Watch

Canadian Dollar Price: USD/CAD Uptrend Move Fades - Key Levels to Watch

2019-08-09 09:30:00
Mahmoud Alkudsi, Market Analyst
Share:

USD/CAD Price Outlook

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

USD/CAD – Buyers Pull Back

On Wednesday USD/CAD rallied to 1.3345 – its highest level in seven weeks. However, the pair slipped back after, then settled below 1.3300 handle reflecting buyer’s hesitation to continue rallying the price.

Alongside this, the Relative Strength Index (RSI) dropped sharply from 68 to 56 emphasizing the buyer’s loss of momentum.

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

USD/CAD DAILY PRICE CHART (AUG 8, 2017 – AUG 9, 2019) Zoomed Out

USDCAD price daily chart 09-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (May 21 – AUG 9, 2019) Zoomed In

USDCAD price daily chart 09-08-19 Zoomed in

Looking at the daily chart, we notice yesterday USD/CAD declined to a lower trading zone 1.3166 – 1.3256. Currently, the pair eyes a test of the low end of the zone.

Thus, a close below the low end of this zone could send the price towards 1.3124. Nonetheless, the weekly support level marked on the chart (Zoomed in) needs to be kept in focus. Further close below 1.3124 could press USD/CAD towards 1.3064. The weekly support levels underlined on the chart should be considered.

On the other hand, a close above the high end of the zone could push the price towards 1.3284. Although, the daily resistance level underscored on the chart (Zoomed in) needs to be monitored. Further close above 1.3284 may cause a rally towards 1.3357. The daily resistance levels underlined on the chart would be worth monitoring.

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

USD/CAD Four-HOUR PRICE CHART (JUly 15 – AUg 9, 2019)

USDCAD price four- hour chart 09-08-19

Looking at the four-hour chart, we notice yesterday USD/CAD corrected lower creating a lower high at 1.3311. Today, sellers may press for a test of 1.3200 handle.

Considering the uptrend line originated from the July 22 low at 1.3040, then a break below 1.3191 could send the price towards 1.3144. Although, the low end of the aforementioned trading zone needs to be monitored. See the chart to know more about the following weekly support levels sellers would face in a further bearish scenario.

On the flip-side, a break above 1.3264 may cause a rally towards 1.3309. However, the weekly resistance level at 1.3284 needs to be watched closely. See the chart to find out more about the following daily resistance levels buyers would encounter in a further bullish scenario.

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.