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  • Forex Update: As of 07:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.16% 🇨🇭CHF: 0.11% 🇨🇦CAD: 0.10% 🇳🇿NZD: 0.07% 🇬🇧GBP: -0.01% 🇯🇵JPY: -0.10% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/9jy6zaHhWN
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  • Crude Oil Prices May Turn Lower From Key Chart Barrier - https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/commodities/2021/05/06/Crude-Oil-Prices-May-Turn-Lower-From-Key-Chart-Barrier.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Spivak&utm_campaign=twr #OOTT #CrudeOil https://t.co/SSZI6r8o6a
  • The Canadian Dollar may resume its broader advance against the Japanese Yen given the less-dovish scope of the BoC compared to the BoJ now and perhaps in the long run.Get your $CAD market update from @ddubrovskyFX here:https://t.co/LjuvBh7pL3 https://t.co/PTZ3l2rwvp
  • Risk trends heading into European and US trading sessions is struggling for conviction. The Dow 'broke' to a fresh record high while the $NDX has its range break lower. Their 10-day correlation is the most negative since June 2018 https://www.dailyfx.com/forex/video/daily_news_report/2021/05/06/EURUSD-and-GBPUSD-Staged-for-Breakouts-but-Where-are-the-Sparks-Before-NFPs.html https://t.co/5IlbQbeZpf
  • 5-year breakeven rate has reached a 13-year high as commodity prices soared. The two exhibited strong positive correlation over the past five years. Will this trend be sustained? https://t.co/qKTv4U3tOZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.20%, while traders in France 40 are at opposite extremes with 81.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/dQxPADf7NV
USD/CAD – More Shenanigans around the 200 Day Average

USD/CAD – More Shenanigans around the 200 Day Average

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USD/CAD – More Shenanigans around the 200 Day Average

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The trend has been higher since the May lows but the overlapping nature of the advance warns that the entire move is corrective (wedge aka diagonal triangle). The May-August trendline, which held earlier this month, is the trigger line for a pattern breakdown. The late March high at 1.3296 was tested twice last week which warned that the top was in but the turn ahead of 1.3000 leaves range highs at risk once again.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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