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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.94%, while traders in EUR/USD are at opposite extremes with 71.17%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/wSWdSw9NMi
  • WTI crude oil price action has been quite volatile today around Iran nuclear deal talks. The commodity is currently down -1.2% on the session after falling as much as -4.3% from intraday highs. #OOTT $CL_F $USO https://t.co/IPeHsxVYO8
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: -0.14% FTSE 100: -0.17% Wall Street: -0.21% Germany 30: -0.22% France 40: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/7ak6BIkvMw
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  • The USD/CAD breakdown has stalled into lateral technical support at 1.2048/61 and the focus is on a reaction off this mark. Get your $USDCAD @MBForex here:https://t.co/LMTzDyI1df https://t.co/hD74PjjJHk
  • US Dollar Outlook: DXY Index Hammered as Treasury Yields Ebb -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/18/us-dollar-outlook-dxy-index-hammered-as-treasury-yields-ebb.html $USD $DXY #Trading https://t.co/2zVfDWI5Y7
  • AUD/USD attempts to retrace the decline following the update to the US Consumer Price Index (CPI) as it bounces back from the 50-Day SMA (0.7715). Get your $AUDUSD market update from @DavidJSong here:https://t.co/EIQ7utBH9A https://t.co/RcWf6JgYX5
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.64%, while traders in EUR/USD are at opposite extremes with 70.33%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/EhQn4EqJYE
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CAD Technical Analysis Overview: USD/CAD, EUR/CAD

CAD Technical Analysis Overview: USD/CAD, EUR/CAD

Justin McQueen, Analyst

CAD Analysis and Talking Points

  • USD/CAD | Pair Tests Key Supports, Risks of Further Downside
  • EUR/CAD | All Eyes on ECB as Cross Extends Losses
CAD Technical Analysis Overview: USD/CAD, EUR/CAD

Crude Oil Dictating CAD Price Action

  • US President Trump fires Iran Hawk John Bolton
  • API Crude Stockpiles shows 7.2mln barrel drawdown
  • DoE expect to show stockpiles declined 2.686mln barrels (released 1530BST)

USD/CAD | Pair Tests Key Supports, Risks of Further Downside

Following yesterday’s rejection of the 1.32 handle, USD/CAD has continued to trade on the defensive with the pair testing key support at 1.3145 (represents the 23.6% Fibonacci retracement), which has held firm thus far. As short-term momentum and trend signals (using DMIs) continue to tilt to the downside, risks are for the pair to head lower in which a closing break below 1.3145 opens to door for a move towards the July 31st low situated at 1.3105.

USD/CAD Price Chart: Daily Time Frame (Apr 2019 – Sep 2019)

CAD Technical Analysis Overview: USD/CAD, EUR/CAD

EUR/CAD | All Eyes on ECB as Cross Extends Losses

As highlighted in last week’s CAD technical report, the outlook remains bearish for the cross given the monetary policy divergence between the BoC and ECB. That said, EUR/CAD has extended its losses having dipped below 1.45, which in turn raises the possibility for a move towards 1.4460. However, as will be the case for many EUR-pairs, positions are likely to remain light throughout today’s session ahead of the ECB meeting. All eyes on the ECB rate decision, in which a dovish surprise could see the cross breach 1.44, although, given market expectations of a sizeable stimulus package, the bar has been set high, raising concerns of possible disappointment.

EUR/CAD Price Chart: Weekly Time Frame (Nov 2014 – Sep 2019)

CAD Technical Analysis Overview: USD/CAD, EUR/CAD

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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