The USDCAD is still in uptrend but the recent bounce in gold prices and Canadian core retail sales with unexpected rate hold have endangered the bullish zigzag.
Technically we could see a deeper retracement towards POC and we can see that 2 way trading with USDCAD is possible. Generally speaking the pair is still uptrend but we need to pay attention to 2 POCs. The first POC is SHORT POC (WPP,H3,Double Top) within 1.4300-20. Any rejection from the zone could lead to 1.4100 retest and further down towards LONG POC (L3, 78.6, previous breakout spot/bullish order block) within 1.4020-30. If the pair gets to this zone we should expect a bounce towards 1.4300. Only above H4 X-cross 1.4450 we can expect another strong uptrend impulse towards current Rooftop/H5 – 1.4690.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.