USDCAD Rally Incomplete,
Since Friday, USDCAD prints new high mainly after breaking the rectangle that was developed since the start of the month till previous Fri’s rally. The pulse remained positive during the testimony of Yellen helping to punch a close:
1. Above the 38% of the plummet that started at 1.0960, and
2. Above the downsloping trendline with parameters 05 & 18 Jun at the reading of 1.0750
Oscillators point to short term extreme overbought zone which may allow a down side move towards testing that trend line at today’s reading of 1.0742, an entry level.
A plummeting stretch may occur towards 1.0715 as panic is employed during Yellen testimony for a 2nd day and significant CAD data this week, allowing an add to the position.
The risk scenario is contemplated once a close below 1.0700 is triggered while target is aimed at 1.0810
***Rule to Remember: Gaining 20pips out of any free-signal is highly remarkable as such trades are not updated on time or ever.
Recommended Content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.