USD/CAD Elliott Wave analysis suggests the fourth wave correction may be complete, setting the stage for a potential fifth wave advance. Key Fibonacci support held near 1.3470, with bullish momentum building. Watch for a break above 1.3580 to confirm continuation toward 1.3650 and beyond. #Forex #USDCAD #ElliottWave
USD/CAD nears a monthly low as the Canadian dollar gains strength. Traders await the US core PCE inflation report, a key Fed gauge, to gauge the future of US monetary policy. Rising oil prices and stable Canadian fundamentals add to downside pressure on the pair ahead of data due this week.
ICE canola futures showed mixed trading ahead of Friday’s Statistics Canada planting report, reflecting profit-taking and cautious positioning. Market watchers anticipate the report to clarify acreage estimates amid dry weather risks in key Prairie regions, influencing near-term price direction.
Forex Market Update: The U.S. dollar extends gains supported by persistent inflation and strong labor data, while the Japanese yen hits multi-decade lows due to Japan’s ultra-loose monetary policy. Euro also under pressure amid economic uncertainties in the eurozone. Traders weigh shifting central bank policies and global risks as volatility remains elevated.
Forex Market Update: The U.S. dollar gains strength as Federal Reserve signals a prolonged higher interest rate outlook. Strong economic data and inflation concerns support the greenback, while the Canadian dollar and euro weaken amid diverging central bank paths. Traders remain cautious amid ongoing volatility. #Forex #USD #InterestRates
The U.S. dollar is gaining strength amid investor focus on former President Trump’s potential influence over Federal Reserve policy and clear monetary policy divergence as other major central banks move toward rate cuts while the Fed remains hawkish. Traders continue to assess how geopolitical and economic factors will shape currency markets ahead.
USD/CAD remains in a consolidation phase near 1.3700, with key support at 1.3602 and resistance at 1.3794. The pair trades above major moving averages, reflecting a bullish medium-term bias, but momentum indicators show a pause. A breakout above resistance could push USD/CAD toward 1.3900 and beyond, while a break below support may trigger a short-term pullback. Traders should watch macroeconomic developments from the US and Canada closely for directional cues. #Forex #USDCAD #TechnicalAnalysis
USD/CAD remains range-bound between 1.3620 support and 1.3780 resistance, reflecting short-term indecision amid macro uncertainties. The pair holds its medium-term uptrend above the 200-day MA but faces caution from a bearish MACD crossover. Watch for a decisive break to signal whether the next leg targets 1.3845 or dips toward 1.3460. Key fundamentals include Fed’s data-driven policy stance and commodity prices shaping CAD. Traders should monitor these levels closely as technicals and fundamentals interplay to define near-term direction.
USD/CAD remains at a critical juncture after recovering from recent lows near 1.3602, yet facing strong resistance around 1.3700–1.3720. A breach below 1.3602 could accelerate downside toward 1.3486 and 1.3357 supports, signaling bearish continuation. Conversely, a sustained break above 1.3735 may test April’s high at 1.3845 and potentially push toward 1.3900. Momentum indicators and moving averages suggest caution—market indecision persists amid broader sideways channel dynamics. Traders should watch key support and resistance levels closely for directional clues.
(Credit to ActionForex.com for original insights.)
Gold looks set for a rebound as key support around $2,300 holds firm, supported by bullish technical signals and easing inflation pressures. Uncertainty over Fed policy, coupled with geopolitical risks and central bank buying, create a favorable environment for XAU/USD to retest recent highs. Traders should watch $2,365 resistance and Fed signals closely.
