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 faces some difficulties
Information is not investment advice
USD/CAD formed a “gravestone doji” candlestick on the W1 ahead of the 50-week MA (1.3280). This is a bearish pattern, so the odds are that the pair will test lower levels. On the D1, the upside was limited by the 200-day MA, which is usually quite a strong obstacle. The price went below the October-November support line. For now, it still has the support of the 100-day MA in the 1.32 area. A decline below this point, however, will open the way down to 1.3160 and 1.3130. Resistance lies at 1.3225.
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