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  • $EURUSD is bouncing between well-established technical levels - to the upside the midpoint of the pair's historical range and head-and-shoulders neckline. Downside, 38.2% Fib of past three months run and 50 DMA https://t.co/v5Ly5Ctnvj
  • BoC Governor Macklem: - Rise in Canadian Dollar does pose some risk - We don't target the Canadian Dollar - Most appreciation in Canadian Dollar is coming from broad-based depreciation of US Dollar #BoC $CAD
  • BoC Governor Macklem - Micro-cut is one option available to the BoC - If we see further appreciation of CAD that will become more of a headwind and that presents downward risk to our projections $CAD
  • BoC Governor Macklem: - We could increase pace or shift composition of QE purchases - Yield curve control is an option - BoC reviews the full range of options and will use these options if necessary #BoC $CAD
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  • BoC Governor Macklem: - Adjustment of QE purchases will be "a gradual process," not "a switch" - QE programs will be needed for some time #BoC $CAD
  • BoC Governor Macklem: - Exceptional degree of monetary stimulus currently in place is appropriate - Prepared to use options as needed if economic recovery is weaker than expected - QE stimulus will diminish over time if economy and inflation are stronger than projected #BoC $CAD
  • BoC Governor Macklem: - BoC has options if economy proves weaker than expected - BoC spent a good bit of time discussing stimulus amount #BoC $CAD
  • BoC Governor Macklem - It is too early to consider slowing the pace of QE purchases
  • BoC Governor Macklem: - Canadian economy had considerable momentum up until second half of Q4 - Positive momentum has been broken by resurgence in Covid cases - Projected contraction of 2.5% in Q1 2021 #BoC $CAD
Gold Underside of Former Channel Rejects Bulls For Now

Gold Underside of Former Channel Rejects Bulls For Now

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_gold_1_body_gold.png, Gold Underside of Former Channel Rejects Bulls For Now

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-Last Wednesday’s rally ‘no taper’ has nearly been completely retraced.

-The underside of former channel support along with the 21 day average acted as resistance last Thursday. The 61.8% retracement of the decline from the 8/28 is slightly higher at 1379.

Trading Strategy: Failure at the trendline / 21 day average is bearish…especially on supposedly bullish ‘news’. Still, the rally from 1291 is impulsive which leaves the market open to at least a test of last week’s high.

LEVELS: 1234 1273 1299 | 1346 1375/79 1395

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

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