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
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
More View more
Real Time News
  • RT @markets: China cuts rates, adds medium-term funds to counter virus https://t.co/mo9zSlvelK
  • RT @ReutersBiz: BOJ Kuroda says to consider more easing if virus impact becomes big: Sankei https://t.co/3nUe8w1wCX https://t.co/zYURJZPI5q
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.40%, while traders in Germany 30 are at opposite extremes with 84.40%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/3W1wmqOZN6
  • NZD/USD Technical Analysis: NZ Dollar May Fall After Rally Stalls - https://www.dailyfx.com/forex/technical/home/analysis/nzd-usd/2020/02/17/NZDUSD-Technical-Analysis-NZ-Dollar-May-Fall-After-Rally-Stalls.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #NZDUSD #technicalanalysis https://t.co/AGFVqPHvRf
  • Forex Update: As of 05:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.22% 🇨🇦CAD: 0.12% 🇪🇺EUR: 0.08% 🇳🇿NZD: -0.02% 🇬🇧GBP: -0.03% 🇯🇵JPY: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Ja6A4Wccdw
  • Indices Update: As of 05:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.35% France 40: 0.27% US 500: 0.24% Wall Street: 0.20% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/S5Jho7QomA
  • 🇯🇵 JPY Industrial Production (YoY) (DEC F), Actual: -0.4% Expected: N/A Previous: -3.0% https://www.dailyfx.com/economic-calendar#2020-02-17
  • The US Dollar gained versus SGD and IDR despite a “risk-on” tone in markets, boosted by strong declines in the Euro. What is the week ahead for $USDSGD, $USDIDR, $USDPHP and $USDMYR? #USD #ASEAN #Euro - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/02/17/US-Dollar-USDSGD-USDIDR-May-Rise-on-FOMC-Minutes-and-Repos.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/YMkZ4WhG0A
  • Heads Up:🇯🇵 JPY Industrial Production (YoY) (DEC F) due at 04:30 GMT (15min), Actual: N/A Expected: N/A Previous: -3.0% https://www.dailyfx.com/economic-calendar#2020-02-17
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Silver: 0.63% Oil - US Crude: -0.02% Gold: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/oNEkMGVhyX
USD/CAD Price: USD May Fall against Canadian and This is Why

USD/CAD Price: USD May Fall against Canadian and This is Why

2019-08-13 10:01:00
Mahmoud Alkudsi, Market Analyst

USD/CAD Price Outlook

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

USD/CAD – Limited Gains

Last week USD/CAD rallied to its highest levels in seven weeks at 1.3345. However, the pair slipped back and closed on Friday with 0.1% gain, and with a bearish Doji pattern indicating to buyer’s indecision with a possible reversal in the horizon.

Alongside this, the Relative Strength Index (RSI) U-turned before reaching 70 and fell to 56 then remained flat after, reflecting the buyer’s loss of momentum.

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

USD/CAD DAILY PRICE CHART (April 1, 2017 – AUG 13, 2019) Zoomed Out

USDCAD price daily chart 13-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (May 28 – AUG 13, 2019) Zoomed In

USDCAD price daily chart 13-08-19 Zoomed in

Looking at the daily chart, we notice on Monday USDCAD opened with a downside gap however the price closed it and rallied after. Today, the pair continued its rally eyeing a move to the higher trading zone 1.3284 – 1.3357.

Therefore, a close above the low end of this zone could send the price towards the high end. However, the weekly resistance levels marked on the chart should be watched closely. Further close above the high end could send the price towards 1.3459. The weekly resistance levels underlined on the chart need to be kept in focus.

On the other hand, the any failure in closing below the low end of the zone could press the price lower towards 1.3166.

It’s worth noting the importance of the August 5 low at 1.3177. Any rebound from this level would convert it into the neck line role of a head and shoulders pattern. This pattern if completed may see USDCAD make a re-test of the monthly low at 1.3016. Zones and weekly support levels highlighted on the chart should to be watched along the way.

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

USD/CAD Four-HOUR PRICE CHART (JUly 15 – AUg 13, 2019)

USDCAD price four- hour chart 13-08-19

Looking at the four-hour chart, we notice on Friday USDCAD rebounded nearby Fibonacci retracement 61.8% at 1.3273 then slipped back to test 1.3200 handle as expected in our last update: Uptrend Move Fades

Buyers need to overcome the level they failed at last week i.e. clear Fib 61.8% to continue rallying the price. Thus, a break above 1.3309 may push the pair towards 1.3357. Although, the weekly resistance level underlined on the chart needs to be considered. See the chart to know more about the following resistance levels buyer would encounter in a further bullish move.

On the flip-side, a break below Fibonacci retracement 50% at 1.3224 could press the price towards the August 5 low at 1.3177. However, the daily support level underscored on the chart should be monitored. See the chart to find out the following support levels sellers would face in a further bearish move.

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.


News & Analysis at your fingertips.