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  • $EURGBP at risk of extended losses after breaking to the downside of a 12-month Symmetrical Triangle pattern and slashing through the support range at 0.8865 - 0.8875 A push towards 0.8670 - 0.8690 looks on the cards if sellers hurdle psychological support at 0.8800 $EUR $GBP https://t.co/zS9CyhUqMf
  • *Slight move higher in USDCAD
  • $EURCAD fell to its lowest level since the weekend following Canada December CPI print and ahead of the BoC's policy decision. $EUR $CAD https://t.co/wSzoYavl55
  • Slight move higher in $CAD following lower than expected CPI figures - Average of common, trim and median now 1.6% from 1.7% BoC next up where there have been some suggestion of a micro-cut. Although, analysts are widely expecting policy to remain unchanged
  • 🇨🇦 Core Inflation Rate YoY (DEC) Actual: 1.5% Previous: 1.5% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇨🇦 Inflation Rate MoM (DEC) Actual: -0.2% Expected: 0% Previous: 0.1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • 🇨🇦 Inflation Rate YoY (DEC) Actual: 0.7% Expected: 1% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-01-20
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 69.70%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/AXmUqJ4OYi
  • Defensive stocks have proven critically important when navigating stock market volatility. Find out what are the most defensive stocks here:https://t.co/TMcbMALtbw https://t.co/5c0aVsI3fK
  • The US Dollar is strengthening again today, with the $DXY above 90.50, after falling to a weekly low around 90.275 early this morning. $USD https://t.co/gseQbAE3hY
Gold Prices in Position for Continued Weakness

Gold Prices in Position for Continued Weakness

David Rodriguez, Head of Product
Gold Prices in Position for Continued Weakness

Why and how do we use the SSI in trading? View our video and download the free indicator here

Gold– Retail FX traders remain steadily long Gold versus the US Dollar, and a contrarian view of crowd sentiment favors continued weakness. It’s worth noting that positions have moderated somewhat since last week as the precious metal bounced off of recent lows. Yet we will need to see a substantive shift towards crowd XAU/USD-selling in order to call for a meaningful bounce in gold prices.

See next currency section:EURUSD - Euro Forecast to Continue Rallying versus US Dollar

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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

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