If the market gets confirmation that Canadian economy is doing better than the US one, which had a very bad Q2, USD/CAD will suffer.
Daily Market Analysis
EUR/JPY rebounded from the 123.00 level on the H4. The pair formed a “piercing line” pattern.
NZD/CAD has reached a 200-week MA (0.8950) and formed a “shooting star” candlestick on the D1. On the H4, we see a lower high.
XAU/USD has moved this week in line with its short-term uptrend and the overall long-term uptrend reaching $1 865.
EUR/GBP is trying to break higher after the consolidation that took the major part of this week.
EUR/JPY is likely to move further within an uptrend. Look for the break out above 121.55!
GBP/CHF formed a "bullish engulfing" candlestick on the W1. On smaller timeframes, we see a higher low that makes the price action resemble an “Inverse Head and Shoulders” pattern.
It’s simply the question of time before gold price gets to the higher levels…
USD/CAD is consolidating after breaking above the bearish “wedge”. The pair has bullish dynamics since the start of June.
XAU/USD rose to the highest levels since 2012. The advance has become stretched and the price may try to correct down.
EUR/GBP continues trading within an uptrend. The pair has managed to break above 0.9000 (38.2% Fibonacci retracement of the March-April decline) which now acts as support.
EUR/USD will likely trade within the range in stayed in yesterday. The 100-period MA on the H4 (1.1225) supports the pair.