Title: Forex Market Overview: A Deep Dive into Major Pairs and Commodities
Source: Adapted and expanded from original article by Michael Boutros published on InsuranceNewsNet
Date: November 2, 2025
The foreign exchange and commodities markets continue to exhibit volatility and shifting trends in early November 2025. As traders navigate a complex macroeconomic landscape influenced by central bank policies, geopolitical events, and inflation data, several major currency pairs and commodities warrant close attention. This comprehensive guide breaks down the current technical setups and key price levels to watch across significant assets including USD/CAD, EUR/GBP, Nasdaq 100, Gold, Natural Gas, EUR/USD, Crude Oil (WTI), and USD/JPY.
This article synthesizes expert technical analysis with updated market perspectives to provide traders a clear understanding of the Forex and commodity landscape. Credit goes to Michael Boutros for his original insights in the InsuranceNewsNet article, which this piece expands upon for educational purposes.
USD/CAD Technical Overview
The U.S. dollar has gained strength in recent weeks against the Canadian dollar, primarily fueled by higher U.S. yields and a resilient American economy. However, the path forward appears mixed as oil prices, which influence the loonie, remain in flux.
Key levels to watch:
– Resistance: 1.3900–1.3950 (2022 trendline support turned resistance)
– Short-term support: 1.3670–1.3695 (monthly open and June trendline support)
– Medium-term support: 1.3587
Technical Observations:
– Overbought RSI levels on multiple timeframes suggest upward momentum is slowing
– Daily momentum divergence indicates a potential for mean reversion
– A close below 1.3695 could trigger short setups down to the 1.3587 level
Market Context:
Canada’s GDP growth remains below potential, while inflation pressures have forced the Bank of Canada (BoC) to stay cautious. The divergence between BoC and Fed policy outlooks continues to affect USD/CAD direction.
EUR/GBP Outlook: Sideways to Slight Downward Bias
The euro has marginally underperformed against the British pound, with ECB dovish tones contrasting slightly stronger UK macroeconomic data in recent weeks. That said, this pair remains in consolidation.
Technical setup:
– Critical resistance: 0.8730
– Key support: 0.8610
– Broader range: 0.8550–0.8730
Daily RSI suggests neutral momentum, with no immediate breakout in sight. Traders may look for a catalyst such as incoming ECB communications or BOE inflation reports to spark a directional move. Until then, this range-bound context may favor short- to medium-term swing trades.
Nasdaq 100 Index: Bulls Regaining Ground
After declining through September and early October, the Nasdaq 100 has staged a strong rebound into November amid improving earnings results and stabilizing long-term yields.
Key resistance and support levels:
– Resistance: 15,750–15,900
– Support: 15,200–15,350
– Technical focus: Break and close above 15,900 would re-target 2023 high near 16,700
Daily RSI recovered above the 50-midline, signaling a return to bullish momentum. Investors are becoming more optimistic about a “soft landing” scenario in the U.S., driving risk assets higher. A dovish pivot by the Fed in late 2025 may further support equities heading into year-end.
Gold (XAU/USD): Challenges Persist Amid Yield Pressure
Gold prices have continued to struggle amid strong U.S. economic data and stubbornly high real yields. While geopolitical tensions have occasionally buoyed gold, these boosts have proven short-lived.
Technical levels:
– Primary resistance: $2,005–$2,009 zone (key Fibonacci retracement)
– Support: $1,945 and below that, $1,
Read more on USD/CAD trading.