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.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
  • Technical indicators are chart analysis tools that can help traders better understand and act on price movement. Learn more about the importance of technical analysis here:
  • The British Pound, Australian Dollar and US Dollar may all experienced heightened periods of volatility as geopolitical risks in North America, Asia and Europe rattle global financial markets. Get your $GBPUSD market update from @ZabelinDimitri here:
  • The New Zealand Dollar may continue to outperform the haven-associated US Dollar as price breaks above key long-term resistance. Get your $NZDUSD market update from @DanielGMoss here:
  • #Gold prices declined following bearish technical cues, but a key zone of support was reinforced over the past 48 hours. #XAUUSD volatility risk is elevated ahead of the #USElection -
  • What is the US Dollar outlook based on retail positioning ahead of the November 3rd presidential election? EUR/USD may fall as AUD/USD rises. Which way could USD/CAD capitulate? Find out from @ddubrovskyFX here:
  • US #COVID19 cases hit a record for a second consecutive day -BBG
  • The Indian Rupee may weaken following a breakout higher in USD/INR. Despite rising global stock market volatility, the Nifty 50 has been holding its ground. Could it capitulate lower? Find out from @ddubrovskyFX here:
  • The US Dollar gained, pushing USD/SGD to break higher. However, USD/IDR may be looking at losses ahead. USD/MYR struggled to breach the March trendline. USD/PHP could rise.Get your market update from @ddubrovskyFX here:
USD/CAD: Canadian Dollar Soften on the Back of Weak Brent oil Price

USD/CAD: Canadian Dollar Soften on the Back of Weak Brent oil Price

2019-09-03 09:29:00
Mahmoud Alkudsi, Analyst

Canadian Dollar and Brent oil Price

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

Bullish USD/CAD with Bearish Crude Oil

On Friday USD/CAD ended the weekly session in the red for the first time in six weeks. However, the weekly candlestick closed with a bullish Doji pattern highlighting buyers are not done yet.

On the other hand, on August 15 Brent oil corrected higher after creating a higher low at $57,47 since then, the price has been trading ineffectively.

On August 29, the Relative Strength Index (RSI) created a higher low at 55 on USD/CAD reflecting buyer’s come back. Meanwhile, the oscillator pointed lower on Brent from 52 to 45 indicating to seller’s resuming bearish momentum.

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

USD/CAD DAILY PRICE CHART (Aug 1, 2017 – Sep 3, 2019) Zoomed Out

USDCAD price daily chart 03-09-19 Zoomed out

USD/CAD DAILY PRICE CHART (June 15 – SEp 3, 2019) Zoomed In

USDCAD price daily chart 03-09-19. Zoomed in

Looking at the daily chart, we notice at the start of the week USD/CAD opened with a gap to the upside, then rallied above the high line of the ascending tringle discussed in our previous update eyeing a test of 1.3505. The pair rebounded nearby the end of current trading zone 1.3256 -1.3357.

Therefore, any close above the high end of the zone could push USD/CAD towards the vicinity of 1.3418-22. That said, buyers would need pay a close attention at the weekly resistance area marked on the chart (zoomed in). Further close above 1.3422 may mean more bullishness towards 1.3459.

In turn, any failure in closing above the high end may reverse USD/CAD course sending the price back towards the low end. Further close below the low end could mean more bearishness towards 1.3166. With that Scenario, sellers need to consider the weekly support level underlined on the chart.

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

Brent Oil DAILY PRICE CHART (Aug 1, 2017 – SEP 3, 2019) Zoomed Out

Brent Oil daily chart price 03-09-19

Brent Oil DAILY PRICE CHART (June 10, 2017 – Sep 3, 2019) Zoomed In

Brent Oil daily chart price 03-09-19 zoonmed in

From the daily chart, we notice on August 15 Brent oil rebounded from the low end of current trading zone $57,60- $61,25 since then, the price stuck in this zone and failed at the end of August to continue its rally towards the high end.

Hence, a close below the low end could send the black gold towards $55,00. Although, the weekly support levels underscored on the chart (zoomed in) would be worth monitoring.

On the flip-side, any failure to close below the low end could send the price back towards the high end. Nonetheless, the weekly resistance levels underlined on the chart should be kept in focus. A close above the high end could open the door to a further bullish move towards $63.10. However, the weekly resistance levels marked on the chart need to be watched cloely.

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.