Traders are closely monitoring Fed speeches, particularly Fed's Mester speech scheduled for Tuesday, for further insights into monetary policy directions. Additionally, market participants await key economic releases later in the week, including New Zealand's Unemployment Rate for Q4 and ...
USD/CAD: loonie wants freedom
2019-11-11 • Updated
TP1 1.3105 TP2 1.3155 TP3 1.3275
On the daily chart, USD/CAD approached the upper border of the 1.2665-1.2900 consolidation range. A break of resistance at 1.2900-1.2930 will increase the odds of advance towards 200% target of AB=CD. The pullback, on the other hand, will lead to further consolidation.
On H1, USD/CAD is forming a “Widening wedge”. A successful test of resistance at 1.2890-1.2905 will allow the formation of point 5. Judging by trading volumes, there are positions of large sellers near 1.2890.
As Germany faces consecutive economic contractions and the broader Eurozone grapples with diverse economic conditions, the upcoming flash CPI inflation figures take center stage. These figures will shape market expectations regarding potential rate cuts, with the ECB carefully navigating uncertainties
The Canadian Dollar faces a confluence of challenges, from the unexpected BoC stance on interest rates to mixed economic data and the traditionally impactful fluctuations in oil prices. As investors grapple with uncertainty regarding future monetary policy directions and the resilience of various economic sectors, the...
On Friday, the gold price (XAUUSD) retreated from a recent two-week high, facing selling pressure. This decline was driven by hawkish minutes from the FOMC meeting, indicating the Fed's reluctance to cut interest rates. Elevated US Treasury bond yields, supported by a "higher-for-longer" narrative, further weakened demand for gold...
Bearish Scenario: Selling below 22.65 with TP1: 22.34 (intraday) and TP2: 22.02 (swing). Bullish Scenario: Buying above 22.70 with TP1: 22.90.
Intraday and swing scenarios based on price action and volume profile.