Gold exceeded $2.000 per ounce. Stock futures rose on Wednesday as investors awaited further updates on stimulus talks.
USD/CAD looks vulnerable
2020-07-31 • Updated
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. The pair is already trading within a downtrend. June lows have provided support near 1.3315, but the resistance line from the March highs is limiting the upside around 1.3460.
On the H4, support is located at 1.3400 (50-period MA). A decline below this level will open the way down to 1.3355.
Trade idea for USD/CAD
SELL 1.3395; TP 1.3355; SL 1.3415
US stocks are set to open lower Friday, with investors worry over rising tensions between the US and China, deadlock over the next virus relief bill and possible disappointments from the key monthly employment report.
The pair was falling down amid the waning US dollar. However, the situation changed this month.
Dollar continues to keep firmer on the day, all eyes on the US jobs report later.