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
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
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
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.31% Oil - US Crude: -0.08% Gold: -0.32% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DpPoyNP5hl
  • After a strong breakout this summer, Gold prices have now spent almost six months digesting. Get your $XAUUSD market update from @JStanleyFX here:https://t.co/H7k5kv4N5i https://t.co/shvReKpe1U
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.32%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ivQLPokYOs
  • The US Dollar is now trading lower again. After hitting an intraday low around 90.15, the $DXY rebounded to 90.25 but has turned toward again, falling back below 90.20. $USD https://t.co/xyglMBmakL
  • Indices Update: As of 19:00, these are your best and worst performers based on the London trading schedule: France 40: 0.14% Wall Street: 0.06% US 500: 0.03% Germany 30: 0.02% FTSE 100: -0.00% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/SbFlX1iTdj
  • #Gold is consolidating slightly higher this week, around $1,850, after the precious metal's failed attempt at breaking above the $1,870 level last week. $XAU $GLD https://t.co/MyeWiBSQZR
  • US 10yr yields have notably tightened, falling from 1.10% yesterday to trade around 1.04% today. Yields still remain elevated in 2021 compared to earlier in the pandemic. $GOVT $IEF $USD https://t.co/uT27KDUkhM
  • Hey traders! Get your Tuesday market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/WPk9aapKhs
  • $EURGBP is currently trading around 0.8855, nearing the lows set around 0.8840 last week. A break below this level would mark the pair's lowest level since May. $EUR $GBP https://t.co/QinuctvrVK
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in Germany 30 are at opposite extremes with 70.50%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/B4i5VeBnUE
Canadian Dollar Price Outlook: Virus Breakout Fuel Loonie, Oil Plunge

Canadian Dollar Price Outlook: Virus Breakout Fuel Loonie, Oil Plunge

Michael Boutros, Strategist

Canadian Dollar Technical Price Outlook: USD/CAD Weekly Trade Levels

  • Canadian Dollarupdated technical trade levels - Weekly Chart
  • USD/CAD breakout accelerates as Coronavirus Pandemic / Oil Price War fears deepen
  • Loonie losses take USD/CAD above long-term uptrend resistance- constructive above 1.4115

The Canadian Dollar breakdown continues with Loonie off more than 4.4% against the US Dollar since the start of the week. The USD/CAD breakout has accelerated to fresh four-year highs as the Coronavirus pandemic cripples’ global markets. Collapsing crude prices have provided a tailwind to the breakout with oil now off a staggering 63% from the yearly highs. The move keeps the outlook weighted to the topside in USD/CAD with the price rally now targeting uptrend resistance just higher. These are the updated targets and invalidation levels that matter on the USD/CAD weekly technical price chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie trade setup and more.

Starts in:
Live now:
Feb 01
( 13:02 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Canadian Dollar Price Chart – USD/CAD Weekly

Canadian Dollar Price Chart - USD/CAD Weekly - Loonie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

Notes: In my last Canadian Dollar Weekly Price Outlook we noted that the USD/CAD breakout was approaching multi-year uptrend resistance while citing that a topside, “breach from here exposes subsequent resistance objectives at the 61.8% ext at 1.3949 backed by the median-line and the 2016 high-week reversal close / 78.6% retracement at 1.4115/27.” Price ripped through this threshold yesterday with USD/CAD poised to mark the largest weekly advance since September 2011 and the largest weekly range since January 2009.

Initial weekly resistance is eyed at the 75% parallel of the ascending pitchfork formation (currently ~1.4475) backed by a critical technical confluence at 1.4534/64- a region defined by the 2016 high-close and the 100% extension of the 2017 advance; look for a larger reaction there IF reached. Weekly support now rests at back at 1.4115/27 with bullish invalidation now raised to 1.3949.

USD Forecast
USD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Dollar Price Forecasts!
Get My Guide

Bottom line: The USD/CAD breakout has broken through multi-year uptrend extremes with the focus on upcoming resistance objectives just higher. From a trading standpoint, look to reduce long-exposure / raise protective stops on a test of uptrend resistance (risk for near-term exhaustion) with a breach / weekly close above 1.4565 needed to fuel the next leg higher in price. Review my latest Canadian Dollar Price Outlook for a closer look at the near-term USD/CAD technical trade levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

Canadian Dollar Trader Sentiment – USD/CAD Price Chart

Canadian Dollar Trader Sentiment - USD/CAD Price Chart - Loonie Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short USD/CAD - the ratio stands at -1.74 (36.55% of traders are long) – bullish reading
  • Long positions are 7.42% higher than yesterday and 36.67% higher from last week
  • Short positions are5.95% lower than yesterday and 15.11% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/CAD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. The recent changes in sentiment warn that the current USD/CAD price trend may soon reverse lower despite the fact traders remain net-short.
USD/CAD BEARISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 11% -2% 6%
Weekly 6% 5% 5%
Learn how shifts in USD/CAD retail positioning impact trend
Get My Guide

---

Key US / Canada Data Releases

Key US / Canada Data Releases - USD/CAD Economic Calendar - Loonie Event Risk

Economic Calendar - latest economic developments and upcoming event risk.

Previous Weekly Technical Charts

--- Written by Michael Boutros, Technical Currency Strategist with DailyFX

Follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES