Big Day For USD/CAD
Dailyfx | Mar 04, 2015 11:00AM ET
- EUR/USD approaching yearly low
- Gold holds above key Fibonacci level
- USD/CAD breakout hopes hinge on the BoC
Foreign Exchange Price & Time at a Glance:
Charts Created using Marketscope – Prepared by Kristian Kerr
- EUR/USD cracked Gann support at 1.1155 this morning to fall within a few pips of the yearly low
- Our near-term trend bias is negative while below 1.1270
- A close under 1.1100 is needed to confirm that a new leg lower is underway
- A minor turn window is seen today/Thursday
- A close above 1.1270 would turn us positive on the euro
|
Instrument |
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
|
EUR/USD |
1.1040 |
*1.1100 |
1.1120 |
1.1155 |
*1.1270 |
Charts Created using Marketscope – Prepared by Kristian Kerr
- GOLD continues to consolidate above the 78.6% retracement of the year-to-date range in the 1196 area
- Our near-term trend bias is negative while below 1224
- A close under 1196 is needed to set up the next extension lower in the metal
- An important turn window is seen around the middle of next week
- A close above 1224 would turn us positive on the metal
GOLD Strategy: Square
Get The News You Want
Read market moving news with a personalized feed of stocks you care about.
Get The App
Instrument |
Support 2 |
Support 1 |
Spot |
Resistance 1 |
Resistance 2 |
|
GOLD |
1188 |
*1196 |
1203 |
1213 |
*1224 |
Focus Chart of the Day: USD/CAD
We have been watching the contracting range in USD/CAD very closely over the past week or so. Will today be the day that we finally get some directional clarity? With five legs completed within the consolidation the exchange rate looks finally ready for a move. Monday’s close above the internal trendline connecting the January-February highs was a clear technical positive, but a push through 1.2565 is really needed to set off a more meaningful extension higher and help confirm the breakout from the ‘pennant’ pattern. Weakness under 1.2430 would raise some red flags about a possible false pattern breakout post the Bank of Canada decision, but only a move under 1.2385 would set this negative scenario into motion.
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.