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
Mixed
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Today's webinar 1. Gold pullback, looks like that bearish engulf from Friday did its work. 2. USD in range, but may be due for a stronger push as it approaches resistance. 3. Reversal scenarios in $USD, $AUD, $Euro and $NZD archive available now: https://t.co/wNs11Tux8M https://t.co/P3fiyo3KLv
  • A continued rise in US yields may see the Fed pick the Jackson Hole Symposium (as opposed to waiting until Sep meeting) to enlighten market participants on their monetary policy strategy review https://t.co/B5O4vcm8CF
  • I personally don't buy into the risk-on sparking a pullback in gold theme considering PMs have been moving in tandem with stocks for monthsYields (real yields) have been the main driver for the PM complex https://t.co/rVZXTff93U
  • Today's webinar archived and ready to go -> https://t.co/wNs11Tux8M https://t.co/P3fiyo3KLv
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule:Oil - US Crude: 0.23%Gold: -5.47%Silver: -13.52%View the performance of all markets via https://fxnews.org/?/charts#commodities https://t.co/Nggu2Z5njd
  • Gold rally faces a reality check as US yields surge with 30yrs rising as much as 10bps Largest drop in gold in past decade- Aug 11, 2020: -5.5% (Currently)- Jun 20, 2013: -5.43%- Apr 13, 2013: -8.5% https://t.co/bxI6zKpzh1
  • The trio of central banks associated with the Australian, Canadian, and New Zealand Dollars remain in a holding pattern, even as global growth conditions improve, particularly in Asia and Europe. Get your market update from @CVecchioFX here: https://t.co/FBAMsPoEE0 https://t.co/Qz3Yugq1Kz
  • Australian Dollar Price Forecast: AUD/USD Threatens Reversal https://fxnews.org/?/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2020/08/11/Australian-Dollar-Price-Forecast-JS-Aussie-AUDUSD-AUD-USD-Threatens-Reversal.html https://t.co/lZtZoUmW1T
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.17%, while traders in Wall Street are at opposite extremes with 74.60%.See the summary chart below and full details and charts on FxNews: https://fxnews.org/?/sentiment https://t.co/rvvFLo185X
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule:Wall Street: 1.12%FTSE 100: 0.59%US 500: 0.49%France 40: 0.15%Germany 30: 0.07%View the performance of all markets via https://fxnews.org/?/charts#indices https://t.co/O4DfCQgZKi
Canadian Dollar Price Forecast: USD/CAD Pops Even as USD Drops

Canadian Dollar Price Forecast: USD/CAD Pops Even as USD Drops

2020-07-30 18:00:00
James Stanley, Strategist
Share:

Canadian Dollar, CAD, USD/CAD Price Analysis

  • USD/CAD has rallied by as much as 130 pips from the recent lows, even with the US Dollar continuing to push to its own two-year-lows.
  • USD/CAD has re-engaged with a key zone on the chart, an area that previously elicited support now coming in to help show near-term resistance.
  • Can sellers take out the confluent 1.3315 spot on the USD/CAD chart? This week has already seen bears take a step back on two different occasions before a test could show in the confluent area.

USD/CAD Pops Even as the US Dollar Drops

It’s been a pretty brutal backdrop for the US Dollar so far in Q3; and while this is along the lines of what was being looked for in the Q3 technical forecast, the force and speed with which the US Dollar has sold off is likely taking many by surprise. This morning sees the US Dollar push down to an even fresher two-year-low but, curiously, USD/CAD has spent much of today going in the opposite direction with the pair popping by as much as 130 pips until a key zone of resistance could come into play.

This somewhat syncs with earlier week price action as breakouts were running wild in USD-pairs such as EUR/USD and GBP/USD. USD/CAD, however, remained quite a bit more subdued, pushing down to a fresh low and then stalling before a test of the 1.3315 level could come into play. That 1.3315 spot is what marks the current four-month-low after it came into play in early-June.

USD/CAD Four-Hour Price Chart

USDCAD USD CAD Four Hour Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

USD/CAD Caught Between Two Key Levels

Taking a step back on the chart and we can see some longer-term, bigger-picture implications around current support and resistance levels; especially considering the rollercoaster of 2020 price action in the pair.

Building Confidence in Trading
Building Confidence in Trading
Recommended by James Stanley
Building Confidence in Trading
Get My Guide

After coming into 2020 below the 1.3000 level, bulls took control and pushed the matter for the first two-and-a-half months of the year. Price action pushed all the way up to the 1.4670 area – less than 20 pips away from the 17-year-high in the pair. But buyers couldn’t push a test up to that level and what started as a pullback soon turned into an aggressive reversal with sellers taking out 78.6% of that bullish 2020 move until buyers stepped-in to offer some support in early-June. This is where the 1.3315 level comes from, marking both that four-month-low and the 78.6% retracement of the 2020 major move: The same price that bears apparently didn’t want to test this week.

USD/CAD MIXED
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 11% 0% 6%
Weekly -5% 31% 7%
Current Retail Sentiment in USD/CAD
Get My Guide

USD/CAD Daily Price Chart

USDCAD USD/CAD Daily Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

On the near-term resistance side of the coin, the 1.3462 level is of note as this is the 61.8% marker of that 17-year major move. And this level, along with the psychological 1.3500 level, helped to set a support zone that held the lows in USD/CAD for more than a month, spanning from early-June through mid-July. The aggressive bearish trend in the US Dollar finally allowed for that zone to be taken-out as sellers were on the prowl last week but, until this morning, there hadn’t been much for resistance at this spot. Now that this price has come back into play, the big question is whether its time for sellers’ return; or whether this is a mere pause point in a bigger picture retracement or pullback.

Starts in:
Live now:
Aug 18
( 17:08 GMT )
James Stanley's Tuesday Webinar
Trading Price Action
Register for webinar
Join now
Webinar has ended

USD/CAD Monthly Price Chart

USDCAD USD/CAD Monthly Price Chart

Chart prepared by James Stanley; USDCAD on Tradingview

--- Written by James Stanley, Strategist for FxNews.com

Contact and follow James on Twitter: @JStanleyFX

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

DISCLOSURES

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.