Stocks, oil, and risk currencies gained on Tuesday as the formal go-ahead for US President-elect Joe Biden to begin his transition burnished a November already boosted by Covid-19 vaccines.
CAD/CHF: long-term trade
Information is not investment advice
Take a look at the weekly chart of CAD/CHF. A longer-term trade idea may emerge from here. As you can see, the pair formed 2 doji candlesticks near the 100-week MA (0.7580). Other moving averages will provide support at 0.7520 and 0.75. The loss of that level, however, will confirm a top and send the price down to 0.74 and 0.7250 in line with harmonic patterns. This trade will take time.
EUR/USD fell below 1.1850 after reaching 1.1920 on Monday. The pair consolidated after the initial bearish move.
USD/CAD remains within a downtrend. As a result, selling the pair as it turns down from resistance is the best strategy. Support lies at 1.3125.
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US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world's largest economy and accelerate its response to COVID-19