After a notable rally all the way to 1.28, USD/CAD dropped back to 1.2730 yesterday, confirming our outlook mentioned a few days ago about the need for a downside retracement before the upside trend resumes.
Daily Market Analysis
US Equities bounced back again in the past two days, while the S&P500 recovered all of its declines after holding well above its 50-day MA for the fifth time this year.
Gold declined back for the past few days after reaching ~$1830/Oz last week, while our medium-term positions remain in profit since our signal to buy at $1770 and $1780 two weeks ago.
What is happening? The British pound lost his positions comparing to the US dollar, Euro, and other haven assets at the beginning of this week, because of the global markets sale…
Global equities took a notable hit on Monday due to the new fears regarding the Covid19 delta variant, which is spreading around the world once again.
Crude Oil began this week sharply lower after last week’s dramatic move due to OPEC+ drama which ended right before the opening bell of this week.
Crude Oil dropped sharply last week right from our selling zone mentioned in our weekly video between 75.50 and 76.60, Brent Crude declined to 72.20’s nearing our 72.14 target mentioned in our weekly video as well.
EUR/USD declined for the third session in a row, reaching as low as 1.1780 but managed to close yesterday’s trading above 1.18 support area.
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Gold declined below its 1769 key support area yesterday and posted the lowest level since April 15 around 1755 USD/Oz, which is another support that we should keep an eye on.
EUR/USD traded within a tight range since the mid of last week with no significant action. However, the euro managed to test its major uptrend last week and hold well above that support.