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
Bullish
GBP/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
USD/JPY
Bullish
Gold
Bullish
Oil - US Crude
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
Bitcoin
Bearish
More View more
Real Time News
  • The spread of #coronavirus promises a global economic hit at a time when the global economy is perhaps especially ill-equipped to deal with one. Growth-correlated assets are vulnerable. Get your market update from @DavidCottleFX here: https://t.co/0If0Jw7c2P https://t.co/mph6z70XeF
  • The $JPY continues to struggle against the US Dollar but there seems little appetite to push USD/JPY much beyond a range which has tended to reassert itself since late last year. Get your market update from @DavidCottleFX here: https://t.co/iaVfPSuXy4 https://t.co/1QPhJmYlQv
  • The #Euro may bounce after hitting the lowest level in close to three years against the US Dollar. While the broader trend points firmly lower, selling pressure may be ebbing. Get your market update from @IlyaSpivak here: https://t.co/697SQ9j5FY https://t.co/6SEvwQyod8
  • GBP/CAD has broken below the September uptrend while EUR/CAD may be ending its consecutive 12 day decline with EUR/CHF approaching key resistance as NZD/CAD aims at November lows. Get your currencies update from @ZabelinDimitri here: https://t.co/GpRB7IKhTA https://t.co/hlHlGdhkHc
  • The $GBP recoiled from chart resistance against the US Dollar, setting the stage for prices to resume a bearish trend reversal triggered mid-January. Get your market update from @IlyaSpivak here:https://t.co/lVpyZkIfJt https://t.co/9oXusxs0Kg
  • The #Euro may have more room to fall versus its major peers such as the US Dollar, Japanese Yen and British Pound. What is the technical picture of EUR/USD, EUR/JPY and EUR/GBP? Get your market update from @ddubrovskyFX here: https://t.co/M6fLA9g3BK https://t.co/HMwQgr1WP5
  • The $USD’s aggressive rise versus ASEAN currencies such as the Singapore Dollar, Indonesian Rupiah, Malaysian Ringgit and Philippine Peso prolonged. What is the technical road ahead? Find out from @ddubrovskyFX here:https://t.co/RsFptNzODf https://t.co/u8meQUSsVG
  • $AUD broke critical range support against its US counterpart, suggesting deeper losses are ahead even after prices hit an 11-year low. Get your market update from @IlyaSpivak here:https://t.co/45YpJRjDYj https://t.co/zWAzaL78Sc
  • After negotiating a series of economic and geopolitical risks in 2019, the S&P 500 rounded out the year more than 30% higher. Will the stock market crash in 2020? Find out from @PeterHanksFX here: https://t.co/8KsjB9YkBB https://t.co/4ph9bdMxz9
  • Italy reports first death from coronavirus - BBG
USD/CAD Price: Canadian Dollar against USD – What Next After Correction?

USD/CAD Price: Canadian Dollar against USD – What Next After Correction?

2019-08-20 09:55:00
Mahmoud Alkudsi, Market Analyst
Share:

Canadian Dollar Outlook

Have you seen our newest trading guides for USD, EUR and Gold ? Download for free our latest forecasts

USD/CAD – Indecisive Buyers

On August 15, USD/CAD rallied to 1.3339 however, at this day the pair closed with a Doji candlestick, reflecting the buyer’s indecision to keep pushing the price higher. Consequently, the following day the price tested its weekly low.

On August 14, the Relative Strength Index (RSI) pointed higher towards 64 then fell after, and created a lower high, highlighting the buyer’s loss of momentum at this stage.

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

USD/CAD DAILY PRICE CHART (March 31, 2017 – AUG 20, 2019) Zoomed Out

USDCAD price daily chart 20-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (July 4 – AUG 20, 2019) Zoomed In

USDCAD price daily chart 20-08-19. Zoomed in

Looking at the daily chart, we notice on Thursday USD/CAD corrected lower creating a lower high at 1.3339. Today, the pair is moving in the trading zone 1.3256 – 1.3357. Knowing that the high end of the zone has not been tested in nearly two months.

Hence, a close above the high end could push USD/CAD towards 1.3459. Nonetheless, the weekly resistance levels underlined on the chart (Zoomed in) should be followed closely.

On the flipside, a close below the low end of the zone could mean more bearishness towards 1.3166 however, the daily support levels underlined on the chart need to be considered.

It’s worth noting also, that if USDCAD breaks and remains below 1.3184 - neckline of a potential Double top pattern. This could press the pair towards the monthly support at 1.3016. The weekly support levels on the chart need to be monitored.

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

USD/CAD Four-HOUR PRICE CHART (AUG 05 – AUg 20, 2019)

USDCAD price four- hour chart 20-08-19

Looking at the four-hour chart, we notice yesterday USDCAD created a higher low nearby 1.3250. The pair rallied after but has not been able to overcome previous high, reflecting buyer’s hesitation to keep pushing the price higher.

Thus, a break above the August 7 High at 1.3345 could end this hesitation, causing a rally towards 1.3378. Although, the high end of the aforementioned trading zone needs to be monitored. See the chart to know more about the higher resistance levels buyers would encounter in a further bullish scenario.

On the other hand, it’s worth noting the importance of yesterday’s higher low. Therefore, if USDCAD breaks and remains below 1.3250 this could send the price towards 1.3166 however, the daily support levels marked on the chart need to be kept in focus. See the chart to find out more about the lower support levels sellers would face in a further bearish 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.