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 Download
EUR/USD
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
Gold
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
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
Bullish
More View more
Breaking news

Markets Extend Losses, Dow Jones Down Over 14 Percent for the Week

Real Time News
  • Good to see @VictoriaS_IG of @IGTV on @Channel4News this evening. Interesting commentary on the #StockMarket crash
  • It is not inconceivable - in fact, I think it likely that it was already discussed unofficially - that the White House considers targeting the Dollar as a quick way to offer relief for the US through an 'easy' lever. Adding a currency war to this situation though...
  • Germany to step up border checks to contain virus spread - BBG
  • White House Advisor Kudlow: - US possibly on verge of largest boom in exports for the past 40 years $DXY $SPX
  • Impressive. Wonder if the SEC requires a risk disclaimer on Kudlow comments... Bet he wanted to say that for years when he was on CNBC https://t.co/4Z3eWZ1udB
  • Health Secretary Azar: - Might enact defense production act for virus supplies - Congress should allocate more funds to fight virus $SPX $DXY
  • The $SPX has moved back to the day's open. This is making for a pretty dramatic doji with massive tails (shown below) https://t.co/x9ceBnFAHZ
  • RT @FxWestwater: #Gold Prices Suffer Worst Daily Decline Since 2013, Virus Fears Forefront - @DailyFX $XAUUSD https://www.dailyfx.com/forex/market_alert/2020/02/28/Gold-Prices-Suffer-Worst-Daily-Decline-Since-2013-Virus-Fears-Forefront-.html…
  • White House Advisor Kudlow: - Buy the dip $SPX $NDX $RTY
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.62% Gold: -4.32% Silver: -6.92% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/uFMwSUHLiP
Canadian Dollar Outlook: Trendless Price Action - Where is USD/CAD Next Test?

Canadian Dollar Outlook: Trendless Price Action - Where is USD/CAD Next Test?

2019-08-30 09:46:00
Mahmoud Alkudsi, Market Analyst
Share:

Canadian Dollar Price

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

USD/CAD – Stuck in Sideways Move

On August 15, USD/CAD corrected lower creating a lower high at 1.3339. Since then, the pair has been trading without a clear direction creating higher highs with lower lows.

Alongside this, the Relative Strength Index (RSI) has been in a descending course creating lower highs although, the oscillator U-turned before 50 indicating to the uptrend loss of momentum on one side and the lack of impulse to start a downtrend.

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

USD/CAD DAILY PRICE CHART (Sep 30, 2017 – AUG 30, 2019) Zoomed Out

USDCAD price daily chart 30-08-19 Zoomed out

USD/CAD DAILY PRICE CHART (June 10 – AUG 30, 2019) Zoomed In

USDCAD price daily chart 30-08-19. Zoomed in

Looking at the daily chart we notice, on Tuesday USD/CAD returned back to the trading zone 1.3256 – 1.3357 and currently, the pair eyes a test of the high end.

Therefore, a close above the high end of the zone could push the price towards the vicinity of 1.3418-20. However, the weekly resistance area marked on the chart (zoomed in) needs to be kept in focus.

It’s worth noting that USDCAD is on course to create a bullish formation (ascending triangle) although, the pair could test the low line before any break out above 1.3346 towards 1.3505.

Thus, close below the low end of the zone could negate this formation and may send the price towards 1.3166. Nonetheless, the weekly support level underlined on the chart should be considered. Further close below this level may see USDCAD trading even lower towards 1.3124.

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

USD/CAD Four-HOUR PRICE CHART (July 30 – AUg 30, 2019)

USDCAD price four- hour chart 30-08-19

Looking at the four-hour chart, we notice on August 27 USD/CAD rebounded from 1.3225 – its lowest level in two weeks. The pair rallied then closed with a Doji pattern indicating to the buyer’s indecision to continue leading the price.

Therefore, a break below 1.3269 could send the price towards the aforementioned August 27 low. Although, the low end of current trading zone at 1.3256 would be worth monitoring. See the chart to know more about lower support levels USDCAD would face if the price continues to fall.

In turn, a break above 1.3360 could push the price towards 1.3387. However, the weekly resistance level underscored on the chart needs to be watched closely. See the chart to know more about higher resistance levels USDCAD may encounter if the price continues to rally.

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.