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USD/CAD is recovering
Last week, USD/CAD held above the strong daily support level. The Canadian dollar weakened as the nation’s Prime Minister Justin Trudeau said that he "will not sign a bad NAFTA deal". In addition, the US Dollar index also corrected up from the lowest level of 93.39 and rose to 93.84.
From a technical perspective, on the daily timeframe there is a bullish harami pattern, and the stochastic indicator had entered oversold area and started crossing upwards. Both indications point at a great opportunity for USD/CAD to move up.
USD/CAD will target the daily resistance level at 1.2990. The strong support level is located at 1.2890.
The volatility of the oil price these days questions the previously taken uptrend. Or does it not?
AUD/JPY finds itself at the crossroads of several trends - we will use various time frames to foresee the possible scenarios.
On the W1, Brent oil formed a bullish “hammer”…
In times of political and economic uncertainties, analysts recommend investing in safe-haven assets. However, since recently, the USD with the weak American economic data and the easing monetary policy has been losing its status. What about the JPY and XAU? The situation is unclear.