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 looks vulnerable
Information is not investment advice
If the market gets confirmation that Canadian economy is doing better than the US one, which had a very bad Q2, USD/CAD will suffer. The pair is already trading within a downtrend. June lows have provided support near 1.3315, but the resistance line from the March highs is limiting the upside around 1.3460.
On the H4, support is located at 1.3400 (50-period MA). A decline below this level will open the way down to 1.3355.
Trade idea for USD/CAD
SELL 1.3395; TP 1.3355; SL 1.3415
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.
President Joe Biden is expected to sign a new “Buy American” order, underlining the essential continuity of US trade policy despite the radical change of tone expected from Donald Trump’s administration.
You will find an interesting find-the-difference game in the article. When do you think gold will reach 1900 again?
Asian shares climbed to near all-time highs on Monday as concerns over rising COVID-19 cases and delays in vaccine supplies were eclipsed by the optimism of a $1.9 trillion fiscal stimulus plan to help revive the US economy.