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
EUR/USD
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
GBP/USD
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
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
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
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
Real Time News
  • Heads Up:🇯🇵 JPY Consumer Confidence Index (JAN) due at 05:00 GMT (15min), Actual: N/A Expected: 39.5 Previous: 39.1 https://www.dailyfx.com/economic-calendar#2020-01-29
  • The #Euro has broken four-month support guiding a recovery against the US Dollar to suggest that the long-term downtrend has been re-engaged. Get your EUR/USD market update from @IlyaSpivak here: https://t.co/FHiGQZ6zvV https://t.co/0ulmLWaZxK
  • The US Dollar may be on the verge of upside breakouts against #ASEAN currencies such as the Singapore Dollar and Malaysian Ringgit after Wuhan virus fears boosted $USDSGD and $USDMYR #SGD #USD - https://www.dailyfx.com/forex/technical/article/special_report/2020/01/29/Dollar-Technical-Outlook-May-Turn-Bullish-as-USDSGD-USDMYR-Rise.html?CHID=9&QPID=917702 https://t.co/1M1GTIo79r
  • $AUDJPY technical positioning hints prices may be on cusp of turning lower after a late-2019 bounce, recoupling with a dovish RBA policy outlook. Get your market update from @IlyaSpivak here: https://t.co/z84Y0V0ZtH https://t.co/e30wIlAkbF
  • Commodities Update: As of 03:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.45% Gold: -0.20% Silver: -0.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/SP0lbABAbq
  • Forex Update: As of 03:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.13% 🇨🇦CAD: -0.05% 🇪🇺EUR: -0.06% 🇯🇵JPY: -0.07% 🇨🇭CHF: -0.12% 🇳🇿NZD: -0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/3lgUbBP3XF
  • #EURGBP Outlook Bullish Ahead of #Brexit, BoE Rate Decision - https://www.dailyfx.com/forex/technical/home/analysis/eur-gbp/2020/01/29/EURGBP-Outlook-Bullish-Ahead-of-Brexit-BoE-Rate-Decision.html
  • My trading video for today: "Dow, Risk Attempt Recovery Amid Competing Theme: #Coronavirus, #Fed and #Earnings' https://www.dailyfx.com/forex/video/daily_news_report/2020/01/29/Dow-Risk-Attempt-Recovery-Amid-Competing-Theme-Coronavirus-Fed-and-Earnings.html?ref-author=Kicklighter?CHID=9&QPID=917719 https://t.co/VVmYBjVy63
  • #AUD has been fairly mute following AU CPI data aside vs #NZD. $AUDNZD tends to act as a "risk-neutral" pair (see article below), focusing on relative #RBA to #RBNZ shifts. #RBC and #JPMorgan pushed back on #RBA rate cut bets. RSI divergence hints bottom - https://www.dailyfx.com/forex/fundamental/article/special_report/2018/11/23/AUDNZD-Nets-Out-Market-Mood-Swings-Focus-On-RBA-RBNZ-Policy.html?CHID=9&QPID=917702 https://t.co/c30ePn9wEs
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.46%, while traders in US 500 are at opposite extremes with 71.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/CVurL5Fv0L
USD/CAD Rejected at Key Resistance, Eyes on Support- USD vs Canadian Dollar Forecast

USD/CAD Rejected at Key Resistance, Eyes on Support- USD vs Canadian Dollar Forecast

2020-01-10 10:03:00
Mahmoud Alkudsi, Market Analyst
Share:

Canadian Dollar Outlook

USD Forecast
USD Forecast
Recommended by Mahmoud Alkudsi
Download our fresh Q1 USD Forecast
Get My Guide

USD/CAD – Sellers Hold Fire

Last week, USD/CAD printed 1.2951 -its lowest level in over fourteen months. However, the price rallied after as some sellers took profit. On Friday, the price closed in the red with a 0.6% loss. This week, more sellers exited the market allowing the pair to rally further.

Alongside that, the Relative Strength Index (RSI) abandoned oversold territory. However, the oscillator remained below 50 reflecting paused downtrend momentum.

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

USD/CAD DAILY PRICE CHART (Jan 5, 2018 – Jan 10, 2020) Zoomed Out

usdcad price daily chart 10-01-20 Zoomed out

USD/CAD DAILY PRICE CHART (JuLY 17– Jan 10, 2020) Zoomed In

usdcad price daily chart 10-01-20 Zoomed in

From the daily chart, we notice on Wednesday USD/CAD rallied to a higher trading zone 1.3015 – 1.3104. Yesterday, the price rebounded from the high end of the zone and this led the pair to point lower eyeing a test of the low end of it.

A close blow the low end of the zone may encourage sellers to send USDCAD towards 1.2951. Further close below this level could persuade more sellers to join the market and press towards 1.2836. In that scenario, the daily and weekly support levels should be considered as some market participants might exit their trades at these points.

On the other hand, a close above the high end of the zone may lead more sellers to exit the market. This opens the door for buyers to push USDCAD towards the vicinity of 1.3220-26. That said, a special attention should be paid to the weekly resistance level and area marked on the chart.

How to Use IG Client Sentiment in Your Trading
How to Use IG Client Sentiment in Your Trading
Recommended by Mahmoud Alkudsi
Improve your trading with IG Client Sentiment Data
Get My Guide

USD/CAD four hour PRICE CHART (July 17 – Jan 10, 2020)

usdcad four-hour chart chart 10-01-20

Looking at the four- hour chart, we notice on Tuesday USD/CAD ended its sideways move and started uptrend move creating a higher high with a higher low. The price could test today the downtrend line originated from the Dec 13 high at 1.3205. Current uptrend move would likely continue if the price breaks and remains above the downtrend line.

Thus, a break above 1.3119 may cause a rally towards 1.3160. Yet, the weekly resistance level underlined on the chart should be watched closely. On the flip side, a break below 1.3000 handle could lead USDCAD towards 1.2955. Although, the daily support level underscored on the chart should be kept in focus.

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

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

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.