Gold prices rose on Monday as the US Dollar weakened amidst speculation about potential Federal Reserve rate cuts starting in June. This weakened Dollar was partly due to improved risk sentiment pushing US Treasury yields lower. Despite facing challenges from declining yields, gold prices recovered to nearly $2,170 per troy ounce, driven by the Dollar's weakness. Federal Reserve Chair...
USD/CAD is facing resistance
2019-11-11 • Updated
Trade idea
SELL 1.3270; TP 1.3247; TP2 1.3225; SL 1.3285
USD/CAD spiked towards the resistance in the 1.3350 area (the 61.8% Fibo retracement of the May-July advance) but failed to close above the 100-day MA at 1.3305. The pair’s at the upper border of the uptrend channel and can experience some correction. There’s a “Head and Shoulders pattern on H1 that confirms such a scenario. The initial target will be at 1.3247 (100-hour MA, 50-week MA). Given the fact that the price is still in an uptrend from the end of July, it will be necessary to look for buy opportunities in the 1.3225/1.32 area.
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During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...