USDCAD short-term bearish below 200-day MA; neutral in medium-term

Selena Nicholas XM

USDCAD has been in a downtrend since falling from the May 5 high of 1.3792. There is risk to the downside since the momentum indicators are bearish. RSI is below 50 and MACD is below zero and trending down.

Other bearish signals were given when the tenkan-sen crossed below the kijun-sen on May 24. Trend indicators are also showing a bearish picture, as the market is below the Ichimoku cloud and below the 200-day moving average.

Major resistance is now being provided by this 200-day MA at 1.3342. A sustained break above this would start to weaken the downside bias and prices would target the base of the cloud at 1.3507. From here prices would move into the cloud. Rising above the cloud top at 1.3612 would negate the bearish bias.

Immediate support is at the June 14 low of 1.3163 and a fall below this level would target the January 31 low of 1.2968.

In the bigger picture, staying within the range of 1.3000 and 1.3600 would keep a neutral bias for the medium-term.

Author

Selena Nicholas

Selena has a professional background of over 10 years spent in the financial industry, with a proven track record in her field of expertise. On obtaining her MA in Economics in 2002, Selena started her career as a Registered Futu

EUR/USD climbs to two-week highs beyond 1.1900

EUR/USD is keeping its foot on the gas at the start of the week, reclaiming the 1.1900 barrier and above on Monday. The US Dollar remains on the back foot, with traders reluctant to step in ahead of Wednesday’s key January jobs report, allowing the pair to extend its upward grind for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold treads water around $5,000

Gold is trading in an inconclusive fashion around the key $5,000 mark on Monday week. Support is coming from fresh signs of further buying from the PBoC, while expectations that the Fed could turn more dovish, alongside concerns over its independence, keep the demand for the precious metal running.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.