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USDCAD in Descending Triangle. Gold Bull Run to Continue?

   

Welcome to this week’s Market Blast Technicals.

Free Valutrades Signals!  Click here: https://www.valutrades.com/en/trading-signals

I’m Brad Alexander and on behalf of Valutrades, today we will look at Gold (XAUUSD), CADCHF, and USDCAD.

 

Yesterday we saw that USD was weaker and CAD was stronger so, logically, we look at USDCAD for opportunities.Screenshot 2022-01-04 at 11.26.54

We see that price action is forming a descending triangle and price has just bounced off the upper trend line and may be falling to the next key level of support at $1.264.

The Stochastic Oscillator was displaying an overbought signal and is going lower.

However, just be careful today as OPEC+ will be announcing crude oil production plans which could affect CAD.Screenshot 2022-01-04 at 11.27.17

We are also watching CADCHF which has been on a downtrend on the Daily chart but we need to wait to get confirmation from this upper trend line and the Stochastic Oscillator before opening a short position.

This assumes that the current run of CAD strength will reverse at some point.

As we mentioned yesterday, Gold is affected by US bond yields and the price of XAUUSD fell.Screenshot 2022-01-04 at 11.27.30

However, if you are interested in following the uptrend, price action has just bounced off the lower trend line and the Stochastic Oscillator has just turned upward from oversold.

Thanks for watching and don’t forget to subscribe to Valutrades Signals and the link will be in this video’s description below.

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That’s all for now.  Happy trading with Valutrades and we will see you next time.

CFDs and FX are leveraged products and your capital may be at risk.4 January 2022 Technicals EN TN

 

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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