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. See our updated Privacy Policy here.

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
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
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
Mixed
GBP/USD
Bearish
USD/JPY
Bullish
More View more
Real Time News
  • 💶 Balance of Trade (APR) Actual: €10.9B Previous: €15.8B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Heads Up:💶 Balance of Trade (APR) due at 09:00 GMT (15min) Previous: €15.8B https://www.dailyfx.com/economic-calendar#2021-06-15
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here: https://t.co/CNtqrKWDBY https://t.co/JyxgSYYRzc
  • Please join @MartinSEssex at 5:30 EST/9:30 GMT for a webinar on trading sentiment. Register here: https://t.co/diCwqqa7eS https://t.co/LdEUF5aReq
  • UK confirms that it has agreed a post-Brexit trade deal with Australia $GBP $AUD
  • FX options expiries of note $EURUSD 1.2150-60 (588mln) $EURGBP 0.8600-10 (1.1bln) $USDJPY 110.00 (1.26bln) $AUDUSD 0.7725-30 (1bln)
  • ECB's Rehn says accommodative financing conditions are a key element to supporting the Euro Area economic recovery - Recent faster inflation in the Euro Area is due to one off and temporary factors, adds that there are no signs of a rise in broader price pressures
  • 🇮🇹 Inflation Rate YoY Final (MAY) Actual: 1.3% Expected: 1.3% Previous: 1.1% https://www.dailyfx.com/economic-calendar#2021-06-15
  • Demand for the first bond backing EU recovery fund rises to over EUR 107bln, spread set at 2bps below mid-swap level $EUR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in EUR/CHF are long at 74.18%, while traders in France 40 are at opposite extremes with 77.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TQG0SzZVUh
USD/CAD, EUR/CAD Price: Moving Between Multiple Double Top Patterns

USD/CAD, EUR/CAD Price: Moving Between Multiple Double Top Patterns

Mahmoud Alkudsi, Analyst

Canadian Dollar Forecast

Check our latest Q4 forecasts for free and learn what is likely to move the markets at this time of the year.

EUR/CAD, USD/CAD – Failing at 50- Day Moving Average

Yesterday, USD/CAD traded lower then rebounded from 50-day average at 1.3268. Today, the price has not been able to clear this level yet. On the other hand, EUR/CAD failed again to close above the 50-day average for the fifth time in a month showing weakness of uptrend momentum.

Alongside this, the Relative Strength Index (RSI) dropped nearing 50 level indicating that buyers were losing control.

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

USD/CAD DAILY PRICE CHART (DEC 27, 2017 – OCT 11, 2019) Zoomed Out

USDCAD price daily chart 11-10-19 Zoomed out

USD/CAD DAILY PRICE CHART (JulY 12 – Oct 11, 2019) Zoomed In

USDCAD price daily chart 11-10-19 Zoomed in

From the daily chart, we notice yesterday USD/CAD made a step towards the downside testing the neckline of small double top pattern located at 1.3288. Today, the pair has resumed its bearish move therefore, if it remains below the aforementioned neckline this suggests it could decline towards 1.3225.

In that scenario, a special attention needs to be paid at the closing price i.e. if USDCAD closes below 1.3256 it could press towards 1.3166. Although, the daily support underlined on the chart (Zoomed in) should be considered.

A closer look to the chart shows the existence of another double top pattern where the neckline residing at 1.3124. Hence, if USDCAD break and remains this level this could lead the price towards 1.2920. Nevertheless, the weekly support levels marked on the chart should be kept in focus.

Having said that, any close above 1.3357 may push USDCAD towards the vicinity of 1.3418-22. However, the weekly resistance area underscored on the chart should be monitored. See the chart to know more about higher trading zone/s with key levels to watch in a further bullish move.

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

EUR/CAD DAILY PRICE CHART (Jan 3, 2017– Oct 11, 2019) Zoomed Out

EURCAD price daily chart 11-10-19 Zoomed out

EUR/CAD DAILY PRICE CHART (AUG 12 – Oct 11, 2019) Zoomed In

EURCAD price daily chart 11-10-19 Zoomed in

Looking at the daily chart, we notice yesterday EUR/CAD reverted back to the same old trading zone 1.4476 – 1.4644. A close below 1.4578 could press the pair towards the low end of the zone contingent on clearing the daily support levels underlined on the chart (Zoomed in).

It’s worth noting that, any close below the low end could send EURCAD towards the vicinity of 1.4389-79 taking into consideration the weekly levels marked on the chart. That said, a close above the low end could reverse the price’s direction leading EURCAD towards the high end of the zone.

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