Canadian Dollar Suffers Ahead Of Rate Decision

• 5 Sep 2018

 

Claim Your $50 Cash Rebates Now! *Limited-time offer!

 

 

USD/JPY

The USD/JPY pair is testing the descending trendline as well as the 111.81 price level. Momentum indicators are slightly bullish; with MACD approaching the zero line whilst RSI continues its upward trajectory.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has failed to reach the 1.173 price level and has fallen back to break the 1.164 price line again. The next target for sellers will likely be the 1.153 price level. Momentum indicators are mixed; with MACD breaking the zero line and RSI beginning a downward trajectory.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair’s bullish recovery appears to have been stalled. Price action has rejected the 1.306 price level and has turned bearish. The failed break has also been reflected in momentum on RSI. MACD has failed to break the zero line.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has finally broken the 0.981 support level to the downside. Price action has stalled just short of the next support level at the 0.963 price line. MACD has stalled in bearish territory and RSI has broken the 30 support level.

 

 

 

 

 

USD/CAD

The USD/CAD pair has rallied significantly in recent trading, to break the 1.316 resistance line. The next resistance level is the 1.326 price line and will likely be the next target for buyers. MACD is undergoing a momentum reversal and RSI has an upward trajectory.

Impact event: BOC Rate Decision will be released at 14:00 GMT and will impact all CAD pairs.

 

 

 

 

SILVER

Silver has entered into a descending triangle with price action consolidating towards the apex. A break to the downside confirms the bearish bias. MACD has extended its bearish position and volume has increased into the bearish move.

 

 

 

 

GOLD

The recent bullish move has culminated in a break of the descending trendline and the metal is now testing the 1209.70 support level. A series of doji candles indicates indecision from traders. MACD is undergoing a momentum reversal and RSI has flattened in slight bearish/neutral territory.

 

 

 

 

 

OIL

Oil has broken the descending trendline and now the 68.84 price level which is a key resistance line. The next target for buyers is the market top at the 72.62 price level. MACD has broken the zero line yet RSI is recovering from oversold conditions.