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
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
Wall Street
Mixed
Gold
Bullish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • ECB President Lagarde: - If and when we have a digital Euro, we will also have banknotes - ECB will make decision in the spring whether to go ahead with digital Euro work - Lots of questions remain, is a complicated issue - Is not "about to come," will be years #ECB $EUR
  • ECB President Lagarde: - An ambitious and coordinated fiscal stance is critical - Fiscal measures should be targeted and temporary - EU aid package must become operational without delay #ECB $EUR
  • ECB President Lagarde: - Risks surrounding Euro-area outlook remain tilted to the downside, but less pronounced - Underlying price pressures are expected to remain subdued - Inflation is likely to increase in the coming months as pandemic's impact fades #ECB $EUR
  • ECB's Lagarde - Downside risks to outlook are less pronounced $EUR
  • Forex liquidity makes it easy for traders to sell and buy currencies without delay, and also creates tight spreads for favorable quotes. Low costs and large scope to various markets make it the most frequently traded market in the world. Learn more here: https://t.co/5uSWKoLkd6 https://t.co/UqQKBMNuIA
  • ECB President Lagarde: - Resurgence of pandemic has likely led to decline in activity in Q4 2020 - Will also weigh on activity in Q1 2021 - Fiscal policies are supporting households and firms, but consumers are staying cautious #ECB $EUR
  • ECB's Lagarde says will monitor developments in the exchange rate Slight change in tone from previously stating they will "very carefully" monitor FX movements https://t.co/0E6ijpEGM8
  • ECB President Lagarde: - Euro-area economy contracted in the fourth quarter - Uncertainty remains high - ECB is monitoring exchange rate for its impact on inflation - Ready to use all instruments as needed #ECB $EUR
  • ECB President Lagarde: - Inflation remains very low in the context of weak demand and significant slack - Data confirms pronounced near-term impact on economy and protracted weakness in inflation - Ample degree of monetary stimulus is essential #ECB $EUR
  • 🇺🇸 Philadelphia Fed Manufacturing Index (JAN) Actual: 26.5 Expected: 12 Previous: 11.1 https://www.dailyfx.com/economic-calendar#2021-01-21
Canadian Dollar Price Outlook – USD/CAD Swing Higher May Mark the Low

Canadian Dollar Price Outlook – USD/CAD Swing Higher May Mark the Low

Paul Robinson, Strategist

USD/CAD Technical Highlights:

  • USD/CAD pullback may have finished
  • A sustained push out of channel to confirm

Just the other day USD/CAD broke the March 27 low at 13920, but it was weak in doing so with little selling pressured garnered. This has given way to a strong push higher ahead of the BoC today. The push is getting price to inch above the upper parallel of the channel that has formed off the March high. It could be an important event as the period of recent is viewed as corrective in a larger cycle higher.

A sustained break above the upper parallel could lead to a strong push higher, but even if it is lacking in strong momentum, a new leg higher may be developing nonetheless. A breakdown below 13855 will be needed to undercut the turn higher.

If the break indeed holds, though, the next level of resistance doesn’t arrive until a zone created during the first few days of April; 14261-14349 is the hurdle. Beyond that point we will then have to focus on the 2016 levels over 14600 that put the recent pullback into motion.

Today’s BoC meeting may have a meaningful impact on this outlook. But even as such, as it stands from a technical standpoint as long as the breakout above the upper parallel maintains and the lower at 13855 holds, then USD/CAD is postured for the upside.

Top Trading Lessons
Top Trading Lessons
Recommended by Paul Robinson
Start correcting trading mistakes today.
Get My Guide

USD/CAD Daily Chart (trying to turn back towards 2016 high)

USD/CAD daily chart

USD/CAD Chart by TradingView

USD/CAD 4-hr Chart (working on channel breakout)

USD/CAD 4hr chart

USD/CAD Chart by TradingView

***Updates will be provided on the above thoughts and others in the trading/technical outlook webinars held at 1030 GMT on Tuesday and Friday. If you are looking for ideas and feedback on how to improve your overall approach to trading, join me on Thursday each week for the Becoming a Better Trader webinar series.

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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

DISCLOSURES