USDCAD in Descending Triangle. Gold Bull Run to Continue?

Welcome to this week’s Market Blast Technicals.

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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.

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.

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.

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.

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