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.

0

Notifications

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

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bullish
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
Bullish
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
Wall Street
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
Gold
Bullish
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
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.47% Gold: 0.64% Oil - US Crude: -0.55% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/OmjUX9Bqn9
  • Retail trader data shows 48.82% of traders are net-long crude oil with the ratio of traders short to long at 1.05 to 1. https://t.co/EqqMQjbHt9
  • The S&P 500 may cautiously rise if investors believe a breakthrough in fiscal talks could be made before the November 3 election. Markets now brace for the final presidential debate. Get your S&P500 market update from @ZabelinDimitri here:https://t.co/CQgeT55Ax3 https://t.co/kbFybIBFhE
  • Forex Update: As of 02:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.40% 🇳🇿NZD: 0.39% 🇨🇦CAD: 0.20% 🇪🇺EUR: 0.17% 🇨🇭CHF: 0.11% 🇯🇵JPY: 0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/syhc439Snn
  • Technically, the Nasdaq 100 index appears to have formed a bearish “AB=CD” pattern (chart below). An immediate support level can be found at 11,650, where the 38.2% Fibonacci retracement and the 20-Day Simple Moving Average (SMA) line overlap. https://t.co/XJ55wo834j
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.62%, while traders in EUR/USD are at opposite extremes with 72.91%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Yso2dgKU4I
  • 10 out of 11 S&P 500 sectors closed in the green, with 70% of the index’s constituents ending higher yesterday. Energy (+1.13%) and financials (+0.82%) and were among the better performers, whereas consumer staples (-0.11%) and healthcare (+0.13%) were lagging. https://t.co/XbJZafP2qG
  • Broad risk-on tilt seen early in APAC trade - Haven-associated $USD and $JPY sliding to fresh session-lows as the risk-sensitive $AUDUSD climbs higher. - #Gold eyeing a push to session-highs while #SP500 futures hover relatively steady - #Crudeoil attempting to push back to $42 https://t.co/Uh2YW4jeAP
  • Netflix fell over 5% after its Q3 results came sharply below forecasts in terms of earnings-per-share (EPS), new subscribers and forward guidance due to a drastic slowdown in sign-ups in the summer season. https://t.co/faqGMEJlHb
  • Wall Street Futures Update: Dow Jones (+0.43%) S&P 500 (+0.40%) Nasdaq 100 (+0.51%) [delayed] -BBG
USD to Canadian Dollar Price: USD/CAD Momentum From Sideways to Downside

USD to Canadian Dollar Price: USD/CAD Momentum From Sideways to Downside

2019-09-24 09:39:00
Mahmoud Alkudsi, Analyst
Share:

Canadian Dollar Forecast

Check our latest Q3 forecasts for free and learn what is likely to move the markets at this time of the year.

USD/CAD – From Trendless to Downward

On Sep 10, USD/CAD created a lower low at 1.3134. In the following week the pair created on Wednesday a lower high at 1.3310 shifting the price’s course to the downside.

Alongside this, the Relative Strength Index (RSI) Fell from 55 then remained flat nearby 50 reflecting buyer’s loss of momentum.

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

USD/CAD DAILY PRICE CHART (April 12 – Sep 24, 2019) Zoomed Out

USD to Canadian Dollar Price: USD/CAD Momentum From Sideways to Downside

USD/CAD DAILY PRICE CHART (JUly 15 – Sep 24, 2019) Zoomed In

USDCAD price Daily chart 24-09-19 Zoomed in

From the daily chart, we notice USD/CAD continue its move according to the pattern discussed in our last update: Consolidation - Peak and decline- Rally followed by reversal, check the chart (zoomed out).

Last week USDCAD rallied to the trading zone 1.3256- 1.3357. Since then sellers failed in multiple occasions to press the price to a lower zone. That said, any close below the low end of the zone could send the pair towards 1.3166. Further close below this level may resume bearish price action towards 1.3064. Although, the weekly support areas and levels underlined on the chart (zoomed in) should be watched along the way.

On the flip-side, a close above the low end of the zone could mean the more of the same i.e. price may keep trading ineffectively eyeing a test of the high end. Further close above the high end could see more effective trading towards the vicinity of 1.3418-22.

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

USD/CAD FOUR-HOUR PRICE CHART (SEP 4 – SEP 24, 2019)

USDCAD price four- hour chart 24-09-19

Looking at the four-hour chart, we notice since Sep 12 USD/CAD has been trading to the upside creating higher highs with higher lows. Yesterday, the price rallied to 1.3305 then dropped creating the second top of double top pattern where the neckline resides at 1.3242.

Hence, if the price breaks and remains below the neckline this could send USDCAD towards 1.3166 although, the weekly support area at 1.3215-12 would be worth monitoring.

On the other hand, any rally above the second top would negate the pattern. Thus, a break above 1.3318 could see USDCAD trading towards 1.3357. Nonetheless, the weekly resistance level underscored on the chart should be considered.

We value your opinion, please access short online survey

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