USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). Learn more!
USD/CAD: loonie is breaking wedges
TP1 1.2945 TP2 1.2895 TP3 1.2800
On the daily chart, USD/CAD is fighting for an important level of 23.6% of the long-term wave. If bears manage to hold it and then pull the price below the diagonal support in the form of the lower border of an uptrend channel, the risks of a “Broadening wedge” will increase.
On H1, USD/CAD made another step towards forming a “Broadening wedge”. A break of support at 1.3045 will return the pair to the downtrend channel and let the CAD to continue the attack.
It looks like GBP/JPY is finally trying to break out of the recent consolidation. Learn more!
Last week XAU/USD recovered 38.2% of the November decline. However, the advance of gold was limited by the declining 50-period MA on the H4.
The US dollar is currently in a correction, but is likely to continue the trend down.
The British pound has been enjoying itself versus the other major currencies during the past weeks. WIll the advance of the GBP continue?