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EUR/USD Price Outlook - Sitting on Multi-Week Support Ahead of Busy Data and Events Week
2021-01-18 12:00:00
EURUSD and S&P 500 Break Lower to End the Week, VIX Ready to Blow
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Oil - US Crude IG Client Sentiment: Our data shows traders are now net-long Oil - US Crude for the first time since Jan 05, 2021 when Oil - US Crude traded near 5,008.80.
2021-01-19 05:23:00
Crude Oil Technical Outlook: Pullback at Hand Before Next Leg Higher?
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Why a Rise in Retail Trading May Signal Another Mania
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Markets Week Ahead: Russell 2000, S&P 500, Gold, USD, Biden Stimulus, Earnings, ECB
2021-01-18 15:00:00
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Japanese Yen Technical Forecast: USD/JPY Triangle Builds into Wedge
2021-01-16 16:00:00
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USDCAD Pulls Back to Test Former Support

USDCAD Pulls Back to Test Former Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USDCAD Pulls Back to Test Former Support

Prepared by Jamie Saettele, CMT

“My best guess is that sideways trade in recent months composes a triangle. In this case, the triangle is bearish and a terminal thrust below 9841 would complete a bearish cycle.” The close below 9834 constitutes a valid breakout and the measured objective is 9630 (9840-width of range). 9860, 9885, and 9930 are resistance and I favor shorts into this range with a stop above 9980 to play the breakdown.

Bottom Line (next 5 days) – sideways/lower?

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

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