Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
EUR/CAD: a considerable drop
Information is not investment advice
The euro has become pretty weak on Christine Lagarde's comments lately. Against the CAD, it becomes most visible. On the H4 chart below, you can see that this pair has been going mostly sideways this month, contained between 1.5550 and the current level of 1.5644. Now, the very last episode is a strong spike to the heights of 1.5740. From there, EUR/CAD went down to 1.5644 undoing the gain. If it reaches the depths of psychological 1.5600 in the middle of the channel, get prepared to see it go further down to 1.5550.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.
Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?