This week should be important for the CAD. We do have an interest rate decision, statement, the CPI and the Retail Sales data. Ahead of those events, CAD is very strong. USD/CAD is going down for the past few weeks and it looks like this movement will continue. Currently, the price is creating the rectangle pattern, which promotes a breakout of its lower line and a further drop.
JPY is gaining strength across the globe (maybe apart from the GBP/JPY). On NZD/JPY we do have an interesting bearish setup. Rare combination of head and shoulders, false breakout and breakout of the up trendline. The one thing missing for a full, legitimate sell signal is the breakout of the 78.5 support.
USD/CHF is very close to a major sell signal. All they need to do is to break the lower line of the long-term wedge and the neckline of the head and shoulders formation. Only this will be a significant reason to go short.
Which stock should you buy in your very next trade?
AI computing powers are changing the stock market. Investing.com's ProPicks AI includes 6 winning stock portfolios chosen by our advanced AI. In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. Which stock will be the next to soar?
Unlock ProPicks AI