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  • Increased rate bets following June's FOMC rate decision roiled markets, including commodities. Crude oil received a boost on Iran's election, while gold and copper look to incoming inflation data out of the US. Get your market update from @FxWestwater here:https://t.co/3zlDk5ITnw https://t.co/XQfFLxf4Kq
  • US Dollar Outlook: DXY Slides During Powell's Fed Testimony -via @DailyFX Link to Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/06/22/us-dollar-outlook-dxy-slides-during-fed-powell-testimony.html $DXY $USD #Forex https://t.co/aza7FQRnF8
  • If you follow the emerging market currencies, another liquid EM cross to take note of is $USDZAR. Wavering at 14.5000 which is the 100-day moving average and trendline resistance since the pandemic recovery started. Haven appetite or carry competitor? https://t.co/s4PKXRTgo8
  • Through this past session, $USDCNH has climbed for eight straight trading sessions. Longest stretch since June 28, 2018 and one of the few areas the Dollar's climb has persisted https://t.co/sG2Ej804j5
  • The retailer has created an event that sees its sales surpass Black Friday and Cyber Monday combined. Get your market update from @PeterHanksFX here:https://t.co/LCyr0z9DHh https://t.co/xDTXRH1TEj
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇨🇦CAD: 0.44% 🇳🇿NZD: 0.43% 🇪🇺EUR: 0.19% 🇬🇧GBP: 0.11% 🇨🇭CHF: -0.03% 🇯🇵JPY: -0.31% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/CoczW1YszK
  • US API Stock Changes: #Crude -7.199M #Cushing -2.550M #Gasoline +0.959M #Distillate +0.992M #Oil $CL_F
  • Bitcoin breached the key psychological level of $30,000 for the first time since January The Jan 22 swing low of $28,800 came in to help cauterize support. Get your market update from @PeterHanksFX here:https://t.co/zmlplL9ZqD https://t.co/6R5nFtVFYS
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.37% Gold: -0.28% Silver: -0.70% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/K9Qw88fR9n
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 87.01%, while traders in France 40 are at opposite extremes with 68.82%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/HWcth7b6kv
USD/CAD Trendline or Channel Could Come into Play Soon

USD/CAD Trendline or Channel Could Come into Play Soon

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Trendline or Channel Could Come into Play Soon

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader?

FOREXAnalysis: Noted in recent days that “momentum has waned since the breakout which is reason to question whether or not the breakout will fail. Still, higher highs are in place above 1.0470 and potential support from the line that extends off of the 6/27 and 7/4 lows is just below current price.” The breakout has failed but watch for support in the coming days from the trendine that extends off of the May and June lows and the parallel channel support line from the line that connects the May and July highs.

FOREXTrading Strategy: Flat

LEVELS: 1.0286 1.0316 1.0345 1.0400 1.0440 1.0494

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

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