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CAD in Focus. WTI Gaps to the Upside.

   

Welcome to this week’s Market Blast Technicals where we will look at Gold (XAUUSD), EURCAD, AUDCAD, USDCAD, WTI (US Oil), and GBPCAD.

 

Last week we looked at GBPCAD and we did break out of the ascending triangle, price action dropped to the 23.6% Fibonacci level, and has bounced off resistance at the 38.2% level.Screenshot 2020-10-13 at 10.40.30It is important to note that we are seeing overall strength on the Canadian Dollar on all other pairs.Screenshot 2020-10-13 at 10.41.04

This should be aided by the increasing price of WTI which opened with a gap above $40 per barrel this morning.Screenshot 2020-10-13 at 10.41.18

We note that in ranging markets, indicators like Bollinger Bands, combined with the Stochastic Oscillator, can help predict reversals so watch these and the next key level of resistance at $41.40 per barrel.

USDCAD has broken below support with the next key level below at $1.30.Screenshot 2020-10-13 at 10.41.35

AUDCAD is in a similar situation but the Stochastic Oscillator is showing us an oversold indication so we need to keep an eye on this upper trend line and the next key level below.

EURCAD has been trending down since the end of July and is currently at a minor level of support with the next key level below of $1.543.Screenshot 2020-10-13 at 10.41.50

Gold is still trending down and has bounced off the upper trend line but we need to be aware of this pending oversold signal and this short term bull run.

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

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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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