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
Bearish
Oil - US Crude
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
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
Bearish
GBP/USD
Mixed
USD/JPY
Bearish
More View more
Real Time News
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.56%, while traders in NZD/USD are at opposite extremes with 71.29%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/YnhqPiRJHO
  • Oil Price Outlook - via @DailyFX: "Crude oil prices crumbled over 5% during Wednesday's trading session as coronavirus lockdowns mount and crush demand prospects for the commodity closely tied to economic activity." Link to Analysis: https://www.dailyfx.com/forex/market_alert/2020/10/28/crude-oil-prices-spike-lower-as-volatility-fuels-risk-aversion.html $CL_F $USO #OOTT https://t.co/niCvHU0aKV
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.03% US 500: 0.02% Germany 30: -0.31% France 40: -0.42% FTSE 100: -0.51% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/MWZxEM7ETB
  • US Equity Update (Wednesday Close): $DJI -3.38% $SPX -3.46% $NDX -3.81% $RUT -3.45% $VIX +21.53%
  • Long-term downtrend well intact despite lift in USD/ZAR volatility in early trading.Get your $USDZAR market update from @RichardSnowFX here:https://t.co/v9GIa0GJpE https://t.co/WJiCEV6XvT
  • French President Macron: -Lockdown to begin Friday and last until 01 December -Lockdown will not be as strict as in April and May $EURUSD $EURJPY
  • French President Macron: -Bars and restaurants to close -Non-essential retailers to close -External borders to close -Economy must not stop and must not collapse -Schools to remain open $EUR
  • French President Macron imposes a nationwide lockdown in France - BBG
  • Pelosi says Trump cares about the stock market a lot and will hopefully come to the table on relief talks - BBG
  • narrator voice: sellers did show up at that resistance zone... $Nas now in this aggressively sloped bearish channel $qqq $nasdaq https://t.co/XXXvIJ1Rdf https://t.co/JrI2fjc0MT
USD to Canadian Dollar Price: USD/CAD Eyes More Losses – Levels and Signals

USD to Canadian Dollar Price: USD/CAD Eyes More Losses – Levels and Signals

2019-10-18 09:30:00
Mahmoud Alkudsi, Analyst
Share:

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.

USD/CAD – Bearish Development

Last week, USD/CAD closed below the 50-Day average generating first signal to end sideways move. Yesterday, sellers resumed bearish price action and led USD/CAD to 1.3131 - its lowest levels in over five weeks.

This week, the Relative Strength Index (RSI) remained below 50 highlighting seller’s dominance and the bearish outlook of the market.

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

USD/CAD DAILY PRICE CHART (DEC 18, 2017 – OCT 18, 2019) Zoomed Out

USDCAD price daily chart 18-10-19 Zoomed out

USD/CAD DAILY PRICE CHART (July 17– Oct 18, 2019) Zoomed In

USDCAD price daily chart 18-10-19 Zoomed in

From the daily chart, we notice yesterday USD/CAD declined to a lower trading zone 1.3064 – 1.3166. Additionally, the price tested the neckline of double top pattern suggesting if breaks and remains below 1.3134 this may lead the pair towards 1.2920 (See the chart).

It’s worth mentioning that, any close below the low end of the zone could press USDCAD towards 1.3008. Although, the weekly support area and level marked on the chart (zoomed in) should be kept in focus.

Having said that, a close above the high end (above 1.3166) could mean a pause for the current downtrend move consequently, might trigger a rally towards 1.3256. Albeit, buyers in this case should pay attention to the daily resistance levels underlined on the chart.

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

USD/CAD four hour PRICE CHART (AUG 29 – Oct 15, 2019)

USD to Canadian Dollar Price: USD/CAD Eyes More Losses – Levels and Signals

Looking at the four- hour chart, we notice on Oct 11 USD/CAD broke below 1.3287 then started a downtrend move creating lower highs with lower lows.

Currently, the price is testing again the aforementioned neckline, if sellers clear this level a break below 1.3105 could lead USDCAD towards the low end of the trading zone we discussed above on the daily chart. Nevertheless, the weekly support level underlined on the chart should be considered.

On the other hand, any failure to clear the neckline could push the price higher, in that scenario a break above 1.3185 could send USDCAD towards 1.3256. However, the daily resistance underscored on the chart needs to be watched closely.

See the chart to know more about key levels to monitor in a further bullish/bearish move.

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