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  • The US Dollar has slipped lower again today, falling to its lowest point since early Tuesday. After testing 91.40 yesterday for the second time this week, the $DXY headed lower, currently trading back below the 91.00 level. $USD https://t.co/92FMTXo42U
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.41% 🇪🇺EUR: 0.41% 🇬🇧GBP: 0.33% 🇳🇿NZD: 0.22% 🇯🇵JPY: 0.22% 🇨🇦CAD: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/6A6MTdrLqz
  • Heads Up:🇷🇺 CBR Press Conference due at 12:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-04-23
  • ECB said to expect difficult June decision on bond-buying pace, ECB views said to differ on economic optimism and need for caution - ECB sources $EUR
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.49%, while traders in Germany 30 are at opposite extremes with 68.53%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/coX4Ww1pRP
  • 🇷🇺 Interest Rate Decision Actual: 5% Expected: 4.75% Previous: 4.5% https://www.dailyfx.com/economic-calendar#2021-04-23
  • Commodities Update: As of 10:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.50% Gold: 0.13% Silver: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/DyTN6Z1PLU
  • Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule: 🇦🇺AUD: 0.34% 🇪🇺EUR: 0.34% 🇬🇧GBP: 0.33% 🇨🇦CAD: 0.18% 🇳🇿NZD: 0.15% 🇯🇵JPY: 0.06% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/JKnNu9wyXr
  • Heads Up:🇷🇺 Interest Rate Decision due at 10:30 GMT (15min) Expected: 4.75% Previous: 4.5% https://www.dailyfx.com/economic-calendar#2021-04-23
  • ECB's De Cos - Including transient and mild inflation overshoots in monetary policy strategy is expected to have only a minor impact on inflation expectations - A point plan of exactly 2% would be a reasonable option (current inflation guidance = below, but close to 2%)
USD/CAD Trading in No Man’s Land

USD/CAD Trading in No Man’s Land

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trading in No Man’s Land

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: I wrote last week that “equal legs are consistent with corrections so the USDCAD could turn higher from here. Exceeding 1.0180 would be a good sign for bulls. Bigger picture, a bearish triangle from the 2011 low remains very much possible. Weekly RSI has failed before 70 (right where it did at the 2011 and 2012 highs) as well. Another run at 1.0342 is possible, even in the context of a larger bearish triangle.” The USDCAD spiked into channel resistance Friday and has backed off since. A break of Friday’s large range will signal the next directional opportunity.

FOREXTrading Strategy: Flat

LEVELS: .9932 1.0022 1.0127 1.0235 1.0267 1.0342

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

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