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.
USD/CAD awaits US data
Information is not investment advice
USD/CAD is another pair that has the potential to make significant moves in the near term. Last week the pair broke below the uptrend support line from the start of 2018. It now provides resistance together with the 100-day MA at 1.3350.
The United States will release retail sales figures at 15:30 MT time. If the data turn out to be weaker than expected, the break down continues targeting 1.3285/70. The ultimate support is at 1.3120 (200-week MA). If American figures are strong, we’ll target the 1.3400 area on the break above 1.3370.
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.
The mix of economic reports from Canada and the USA will have a huge impact on the pair! Get ready with us!
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Asian shares scaled a record high on Friday on growing prospects of a large U.S. economic stimulus package, while hopes that coronavirus vaccine rollouts will boost the global economy underpinned investor sentiment.