The USDCAD rally got a little ahead of itself over the last few sessions once we broke above the 200dma. The bounce back in equities (now almost all time highs again!) and the crude oil market recovery (from $66 to $71.60) provided the support needed for a bounce in the CAD and a pullback in the USDCAD pair. The USDCAD was swiftly sold from 1.2807 to 1.25's but has managed to find support today. Channel support is just above the 1.2500 level, the 50% retracement of the June 23nd lows to this week's highs are at 1.2532 and horizontal support (highs from June 21st) is near the 61.8% Fibonacci retracement at 1.2466. We'd expect the 30pips above/below the 1.2500 level to offer strong support into next week.

Any reviews, news, research, analysis, prices or other information contained on this website is provided as general market commentary, does not constitute investment advice and may undergo changes from time to time. Trading the Financial and Currency Markets on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as to your favor. Before entering trading Financial and Currency Markets, you should carefully consider your investment objectives, level of experience and risk appetite. There is a possibility that you could sustain a loss of some or more of your initial investment and therefore you should not invest money which you cannot afford to lose. You should be aware of all the risks associated with Financial and Currency Markets trading, and in case you have any doubt, rather seek advice from an independent financial advisor. FOREXANALYTIX LLC, its owners, employees, agents or affiliates do not give investment advice, therefore FOREXANALYTIX LLC assumes no liability for any loss or damage, including without limitation to, any loss of profit, which may be suffered directly or indirectly from use of or reliance on such information. We strongly encourage consultation with a licensed representative or financial advisor regarding any particular investment or use of any investment strategy. As part of our service we provide “Patterns in Play” (abbreviated as “P.I.P.’s”). These PiPs are derived from certain clearly defined patterns that the team members identify from their analysis. Each PiP is indicated with its corresponding theoretical entry, target and invalidation levels. Please note that these are not trade recommendations; they are simply our team’s interpretation of these patterns and their theoretical levels. Any information or material contained on this website including, but not limited to, its design, layout, look, appearance and graphics is owned by or licensed to FOREXANALYTIX LLC. Reproduction is prohibited without FOREX ANALYTIX LLC prior license in writing.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD down as ECB fails to impress

The shared currency edged lower against all of its major rivals after the ECB kept its monetary policy unchanged, failed to clarify the future of monetary policy.

EUR/USD News

GBP/USD retreats but holds into daily gains

GBP/USD topped 1.3787, now trading sub-1.3750 amid renewed demand for the dollar. Eyes remain on EU-UK tension over the Northern Irish protocol and persistently high covid figures in the UK.

GBP/USD News

XAU/USD consolidates above $1,800 as sellers fail to retain control

Gold remains on track to end the day little changed.100-day SMA continues to act as strong support. XAU/USD near-term technical outlook stays neutral with a slight bearish bias.

Gold News

Ethereum price looks strong and ETH dares to dream of $2,700 again

ETH price got a positive lift in the recovery of the global market. BTC and other major cryptocurrencies were back in the news after attention from Musk, Dorsey. Some short-term profit taking is taking effect, but more upside is yet to come.

Read more

ECB helps European markets to hold gains

The ECB meeting has helped investors maintain an optimistic outlook, but the FTSE 100 has struggled thanks to losses for oil and mining names. 

Read more

Majors

Cryptocurrencies

Signatures