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  • SEC Chair Gensler: - Working with Congress on crypto would help - A large number of crypto investors could be harmed
  • Pre-FOMC US Dollar Price Action Setups: EUR/USD, GBP/USD, USD/JPY https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/09/21/Pre-FOMC-US-Dollar-Price-Action-Setups-EUR-USD-EURUSD-GBP-USD-GBPUSD-USD-JPY-USDJPY.html https://t.co/Vyj5hwVXpi
  • The big question is whether the Fed announces taper tomorrow or whether they punt that announcement to the November rate decision, waiting for employment data to improve to the point of ‘significant further progress. More market update from @JStanleyFX :https://t.co/tPoLyqNFc1 https://t.co/o3ES0KKlWr
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  • feels like we haven't had one of these in quite a while https://www.dailyfx.com/webinars/643096611 Pre-FOMC Price Action Setups, starting right at 1pm, top of the hour 1. USD PA setups 2. Evergrande worries 3. Stonks - fly or die? https://t.co/VF15XbuuJS
  • That all said, staying patient and not chasing is prudent here imo. Tomorrow will likely be better for assessing short-term directional bias (China markets open again following holiday, post-FOMC).
  • Also, S&P Global put out a report overnight that said China would likely step in to curb “far-reaching contagion” re: Evergrande. The House is scheduled to vote on a stopgap funding bill Tuesday, which might be alleviating some investor angst around the debt ceiling as well.
  • Encouraging we recoiled higher off yesterday’s closing level. Could the pre-FOMC drift be at work? Markets were priced for potential hawkish shift and increased odds of taper timeline announcement. Perhaps seeing an unwind of that in light of recent market developments.
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  • USD/CAD snaps the recent series of higher highs and lows after struggling to test the August high (1.2949). Get your $USDCAD market update from @DavidJSong here:https://t.co/chaVL0iSIQ https://t.co/Bj7emg2s8n
Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

Ilya Spivak, Head Strategist, APAC

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Talking Points

  • Prices topped as expected, producing a Double Top at the July closing high (1.0570)
  • A break of a rising trend line set from Sep 2012 and the 38.2% Fib exposes 1.0120 (50% Fib)
  • The 38.2% Fib (1.0236) has been recast as near-term resistance

Confirm your chart-based trade setups with the Technical Analyzer.

dailyclassics_usd-cad_body_Picture_7.png, Forex: USD/CAD Technical Analysis – Bear Aim Below 1.02 Mark

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

Contact and follow Ilya on Twitter: @IlyaSpivak

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