USD/CAD Showing Signs of Strength

Russell Shor, CFTe, MFTA FXCM

The below is the daily of the USDCAD chart. Yesterday’s candle is a potential bullish reference candle (blue arrow). I.e. a candle with a higher low to either side of it. If today’s candle closes above yesterday’s high (green horizontal) than it will give weight to the bullish reference candle scenario. The RSI(9) is also above 50 and indicative of an underlying bullish momentum. We do note that there is overhead resistance around the 1.3500 level (red horizontal). The longer that the RSI(9) stays on the bullish side of 50, the greater the chance that this resistance will be overcome. We continue to monitor.

Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

EUR/USD bounces off lows, back to 1.1860

EUR/USD now manages to regain some balance, retesting the 1.1860-1.1870 band after bottoming out near 1.1830 following the US NFP data on Wednesday. The pair, in the meantime, remains on the defensive amid fresh upside traction surrounding the US Dollar.

GBP/USD rebounds to 1.3660, USD loses momentum

GBP/USD trades with decent gains in the 1.3660 region, regaining composure following the post-NFP knee-jerk toward the 1.3600 zone on Wednesday. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold stays bid, still below $5,100

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of humble gains in the US Dollar and firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.