Skip to Content
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.

Free Trading Guides
Please try again

Live Webinar Events


Economic Calendar Events


Notify me about

Live Webinar Events
Economic Calendar Events






More View More
USD/CAD Technical Outlook: Hitting 6-Year Lows in Search of Support

USD/CAD Technical Outlook: Hitting 6-Year Lows in Search of Support

What's on this page

USD/CAD Technical Outlook

  • USD/CAD trading at May 2015 levels
  • One swing-low lies below, otherwise not much else to look at

USD/CAD Technical Outlook: Hitting 6-Year Lows in Search of Support

USD/CAD continues to trade with weights around its ankles, unable to muster more than a day or two of rallying before sinking back to new lows. The 2018 low barely led to a pause, the 2017 low helped induce one of those two day rallies until the June 2020 underside trend-line was met. Now we are looking at the worst levels since May 2015.

The next level to watch arrives at 11919, a significant swing-low created during May of 2015. However, it’s not a yearly low, so that makes it less meaningful. Outside of that low there isn’t anything else price-wise that is meaningful for some distance lower.

If price can hold around the 2017 low, giving it a little wiggle room, then perhaps we may see a rally develop, but price action is quite uninspiring for such an event. As mentioned last week, a strong reversal or bullish engulfing day from around a low could change the outlook for a bit.

But until we see some force in an up-move the path of least resistance continues to be firmly lower. From a tactical standpoint, existing shorts from higher levels may want to hold for lower levels while maintaining some type of trailing stop strategy in the event of a reversal.

Fresh shorts don’t hold much appeal from a risk/reward perspective, while longs hold no appeal until we see some type of strong upward price action that suggests a squeeze may be getting underway. Even then it may be a tough counter-trend type trade.

USD Forecast
USD Forecast
Recommended by Paul Robinson
Check out the Q2 USD Forecast
Get My Guide

USD/CAD Daily Chart (dropping to May 2015 levels)

usd/cad daily chart

USD/CAD Chart by TradingView

Resources for Forex 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.