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U.S. Dollar/Canadian Dollar (^USDCAD)
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U.S. Dollar/Canadian Dollar Futures Market News and Commentary

Dollar Gains on Liquidity Demand as Stocks Slump

The dollar index (DXY00) on Wednesday rose by +0.35% and posted a 2-month high. Hawkish comments Wednesday from Fed Governor Waller were supportive of the dollar when he said he “does not support stopping rate hikes unless we get clear evidence that inflation is moving down towards our 2% objective."  Also, weakness in the British pound Wednesday was positive for the dollar after GBP/USD dropped to a 5-week low.

The minutes of the May 2-3 FOMC meeting were neutral for the dollar as they showed policymakers divided on whether further interest rate increases are needed.  "Almost all participants stated that, with inflation still well above the committee's longer-run goal and the labor market remaining tight, upside risks to the inflation outlook remained a key factor shaping the policy outlook."

Comments Wednesday from Fed Governor Waller were hawkish and bullish for the dollar when he said he "does not support stopping rate hikes unless we get clear evidence that inflatio... Read more

Commitment of Traders Positions as of May 16, 2023

View Chart Details
Commercials - Long / Short
53,556 (+851)
98,089 (+3,427)
Non-Commercials - Long / Short
71,504 (-368)
28,514 (-1,095)
Dealers / Intermediary - Long / Short
2,930 (-1,293)
58,883 (+4,860)
Asset / Manager - Long / Short
76,595 (+4,573)
27,249 (-91)
Leveraged Funds - Long / Short
37,122 (-2,743)
25,181 (-1,639)
Other Reportables - Long / Short
2,202 (-93)
9,079 (-837)

Price Performance

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Period Period Low Period High Performance
1-Month
1.33151 +2.09%
on 05/08/23
1.36678 -0.54%
on 04/28/23
-0.00338 (-0.25%)
since 04/25/23
3-Month
1.33019 +2.19%
on 04/14/23
1.38617 -1.93%
on 03/10/23
-0.00161 (-0.12%)
since 02/24/23
52-Week
1.25178 +8.59%
on 06/08/22
1.39767 -2.74%
on 10/13/22
+0.07789 (+6.08%)
since 05/25/22

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USDCHF Found Sellers After Elliott Wave Double Three Pattern

Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of USDCHF forex pair published in members area of the website.  As our members know USDCHF...

^USDCHF : 0.90613 (+0.11%)
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MCO : 309.03 (-1.20%)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 56% Buy with a Weakening short term outlook on maintaining the current direction.

Long term indicators fully support a continuation of the trend.

The market is approaching overbought territory. Be watchful of a trend reversal.

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Key Turning Points

3rd Resistance Point 1.37447
2nd Resistance Point 1.36752
1st Resistance Point 1.36350
Last Price 1.35936
1st Support Level 1.35253
2nd Support Level 1.34558
3rd Support Level 1.34156

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52-Week High 1.39767
Last Price 1.35936
Fibonacci 61.8% 1.34194
Fibonacci 50% 1.32473
Fibonacci 38.2% 1.30751
52-Week Low 1.25178

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