Uptrend Forming For USD/CAD

  • 29 Jun 2020


The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. The 105.93 support level has represented a price floor in a recent trading range and the lack of conviction suggests this level will hold. Momentum indicators have flattened in neutral/bearish territory.







Eurodollar buyers have been overturned and the pair has once again broken the 1.124 support level. A series of doji candles occurring after the break suggests indecision from sellers. Momentum indicators reflect the bearish bias with downward trajectories.







The GBP/USD pair has been oscillating between the 1.221 and 1.261 price levels. A floor exists at the 1.221 support line and a downtrend appears to be forming. Momentum indicators have resumed downtrends with MACD approaching the zero line.







The USD/CHF pair will continue to oscillate between the 0.942 and 0.951 price levels. Previous attempts to break this range have failed. A break may establish a longer term trend. Momentum indicators have flattened in bearish territory. 







The USD/CAD has recovered after an extended sell-off, finally finding the momentum to move away from the 1.354 support level. The next target is the 1.386 resistance level which is the floor of a previous trading range and represents a price recovery. Momentum indicators have sharp upward trajectories. 







Gold buyers have returned and a bullish breakout is underway with the metal clearing a significant obstacle at the 1745.74 price level. If the break can be sustained the bullish move may find significant support and reestablish the longer-term uptrend. Momentum indicators have upward trajectories.







WTI has another failed attempt at the 41.40 resistance line as sellers have returned to drive price action away from the resistance area. So far, the $35-40 per barrel range remains intact and will likely represent a longer-term floor and ceiling for the commodity. Momentum indicators have flattened in bullish territory. 


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