Daily Market Analysis

In-depth technical & fundamental analysis for currencies & commodities

Eyes on Bank of Canada's decision today
Eyes on Bank of Canada's decision today

All eyes are headed toward the Bank of Canada today. Estimates point to no change both for the main rate and the ongoing QE which stands at $3B weekly.

Short-term rebound in gold
Short-term rebound in gold

Gold managed to bounce back right after the US Jobs Report on Friday and closed the week near $1900 resistance. Gold continues to benefit from inflation expectations. Yet, such rebound is unlikely to be sustainable.

USD: a disappointing jobs report?
USD: a disappointing jobs report?

The US Jobs Report could be considered as a disappointing report, excluding the wages growth which keeps the fears over inflation.

USD/CAD trade is in profit
USD/CAD trade is in profit

USD/CAD managed to advance further yesterday breaking above 1.21, reaching as high as 1.2128 earlier today, while our long signal that was issued at 1.2060 is now in profit with over +60 pips.

Gold failed once again
Gold failed once again

Gold regained above $1900/Oz during yesterday’s trading, reaching as high as $1910 but it failed to sustain these gains during the Asian session today, leading to another leg lower back below $1900/Oz.

USD/CAD is holding above support
USD/CAD is holding above support

USD/CAD declined once again to the same support area between 1.2040 and 1.2020 which remains solid for over three weeks now.

Gold: a risk of selling
Gold: a risk of selling

As warned over the past few days, gold is not in a position to keep on rising. Yesterday gold managed to rise all the way to $1,916.

Aussie Selloff Ahead?
Aussie Selloff Ahead?

AUD/USD has been trying to break higher for an extended period but without any chance. From April until today, all rallies’ attempts have faded as shown on the daily chart.

Gold is Below $1900
Gold is Below $1900

In line with our expectations mentioned in yesterday’s note. Gold failed to sustain its gains above $1900/Oz and declined back all the way to $1888 during the Asian session today,

USD Index is Testing Trendline
USD Index is Testing Trendline

The US Dollar Index tested the higher line of its downtrend channel on the daily chart but failed to breakout, following the disappointment of the 2nd reading of Q1 GDP.

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