USD/CAD accumulates more bullish energy post the Canadian CPI [Video]

Olimpiu Tuns Learn 2 Trade

The USD/CAD pair rallied in the short term but now it has found strong resistance right above the ascending pitchfork’s median line (ml). Now, it has retreated and it challenges the downtrend line. The price plunged after the Canadian CPI publication. The indicator reported a 0.1% growth matching expectations, while the Core CPI reported a 0.5% growth. On the other hand, the US Building Permits came in worse than expected while Housing Starts, Capacity Utilization Rate, and Industrial Production reported better than expected data.

Technically, the USD/CAD pair jumped above the downtrend line but it has failed to stabilize above the R1 (1.2910) signaling exhausted buyers in the short term. Now, it could test and retest the downtrend line. As long as it stays above it, the price could try to resume its growth. A new higher high, jumping and closing above the 1.2933 could activate further growth. The upside scenario could be invalidated if the rate drops and stabilizes below the downtrend line.

Join Learn 2 Trade VIP Group now!

Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.