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5 Jun 2023

USD/CAD Price Analysis: Bulls taking control and eye significant correction

  • USD/CAD bulls 38.2% ratio as first stop.
  • Beyond daily resistance, bulls eye the1.3560s.

USD/CAD is been in the hands of the bulls at the start of the week while the yield on benchmark government debt climbed and despite a surprise in the US economic data front. Nevertheless, the technical outlook remains bullish as for the following analysis:

USD/CAD daily chart

The market swept the equal lows and subsequently, bulls moved in at a discount at the end of the three-day drop. This has occurred while an M-formation has been left on the charts. The bulls look to the Fibonacci scale whereby the 38.2% ratio meets with the prior structure and offers a compelling target for the bulls. 

USD/CAD H1 chart

On the hourly chart, The price is sideways and bulls need to get above 1.3460 to break the resistance structure. In doing so, there are prospects of a move all the way through the 38.2% ratio into the 1.3560s.

Jun 5, 2023

Gold Price Forecast: XAU/USD rebounds at the 100-day SMA following US economic data

During Monday’s session, Gold price gained bullish momentum and reached the $1,960 level after bottoming at the 100-day Simple Moving Average at the
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Jun 5, 2023

USD/MXN dips amidst US economy slowdown; MXN threatens new year-to-date lows

USD/MXN drops close to 0.50% as the week begins, undermined by falling US bond yields, courtesy of mixed data, even though last week’s job report in t
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