Market Commentary

Market Recap: 4 - 8 March

on March 11, 2019 | By Stuart McPhee | EURUSD, GBPUSD, XAUUSD, USDCAD, Gold

On Tuesday last week we covered gold which spent the remainder of the week consolidating and stopping the rot that saw it fall so sharply in the couple of weeks prior. Only a few weeks ago gold was cruising along pushing to new nine month highs above $1345, on the back of solid support from the key $1300 level. Then gold crashed lower pushing through any possible support at the $1300 level and moving to its lowest levels in six weeks, which will be significant as this level is now offering some resistance in its attempt to rally higher.

USDCAD - Surges to Two Month High above 1.34 after BOC Holds Rates

on March 7, 2019 | By Stuart McPhee | USDCAD

In the last week the USDCAD has surged higher to its highest levels in two months above the key 1.34 level. Up until recently the USDCAD was being ably supported by another key level in 1.32 however it has given way a little in the last month or so. This level however has remained the baseline for its price action in the last two months. If the USDCAD can remain above the 1.34 level, it may find support there as this level has provided its fair share of resistance to the currency pair in the last few months.

Market Recap: 18 - 22 February

on February 25, 2019 | By Stuart McPhee | EURUSD, DJIA, XAUUSD, USDCAD, US30, Gold

On Tuesday last week we covered the USDCAD which continued throughout the week to drift lower and move back down below the key 1.32 level. In the last few weeks the USDCAD has traded within a narrow range being ably supported by the current key level of 1.32, so the break lower at the end of last week may be significant. Despite an excursion below this level a few weeks ago for a week, the USDCAD has spent the best part of the last six weeks doing not much else than trading above 1.32.

USDCAD - Well Supported at 1.32 as Analysts Split on BOC’s Next Move

on February 19, 2019 | By Stuart McPhee | USDCAD

In the last couple of weeks the USDCAD has traded within a narrow range being ably supported by the current key level of 1.32. Despite an excursion below this level a few weeks ago for a week, the USDCAD has spent the best part of the last six weeks doing not much else than trading above 1.32. A few weeks ago it rallied well and higher off the key level of 1.32 moving it to a two week high above 1.3350 before falling back to 1.32.

Market Recap: 21 - 25 January

on January 28, 2019 | By Stuart McPhee | AUDUSD, DJIA, USDCAD, UKOil, US30

On Tuesday last week we covered the US30 index which continued throughout the week to struggle with resistance from the current key level of 25,000. After falling to its lowest levels in 18 months below 21,500, in the last few weeks the US30 index has been able to rally well back towards the key 24,000 level where it met several days of resistance before moving higher towards 25,000.

USDCAD - Well Supported at 1.32 Since BOC Sat on Rates

on January 23, 2019 | By Stuart McPhee | USDCAD

In the last couple of weeks the USDCAD has rallied well and higher off the key level of 1.32 which has ably supported the currency pair, moving it to a two week high above 1.3350. It still has some distance to travel if it is to make up the losses from the couple of weeks prior which saw the USDCAD move sharply from an 18 month high above 1.36 down to the key level of 1.32.

Market Recap: 7 - 11 January

on January 14, 2019 | By Stuart McPhee | GBPUSD, USDCAD, UKOil, US30

On Tuesday last week we covered UK Oil which since writing has continued to move higher to multi-week highs above $62, before easing a little to start the new week. The current key level remains $58, as it has met some resistance at this level around a week ago and eased lower, which was to be expected after this level offered strong support to oil to finish last year.

USDCAD - Drops Sharply from 18 Month High above 1.36 as BOC Sits

on January 10, 2019 | By Stuart McPhee | USDCAD

The last week or so has seen the USDCAD move sharply from an 18 month high above 1.36 down to the current key level of 1.32, which has remarkably seen a significant move of more than 400 pips in around six days. Throughout the last 12 months the 1.32 level has been significant for the currency pair so you could reasonably expect to see some buying to support the price. For several months in the second half of 2018 the 1.32 level was significant repelling prices lower although in November this level was cleared, which then saw the 1.32 level propping up prices.

Market Recap: 10 - 14 December

on December 17, 2018 | By Stuart McPhee | EURUSD, GBPUSD, USDCAD, US30

On Tuesday last week we covered the GBPUSD and the key level at the time and remains 1.27.To start last week the GBPUSD fell sharply to its lowest levels in almost two years as the strong support at 1.27 gave way to immense selling pressure.In the week prior the sterling was again enjoying much needed support from this level as it had firmly established as a key support level as the currency pair had enjoyed considerable support from this level on several occasions in the last few months.

USDCAD - Eases from 18 Month High above 1.34 after BOC Sits

on December 14, 2018 | By Stuart McPhee | USDCAD

The last couple of weeks have seen the USDCAD move sharply up to an 18 month high above 1.34 although in the last week it has eased a little. For several months of this year the 1.32 level was significant repelling prices lower although earlier last month this level was cleared, which then saw the 1.32 level propping up prices. Should the USDCAD continue its decline, it is likely the 1.32 level will continue to support prices having been a resistance level for as long as it was. The other key level although a little more distant is the well-established 1.29 level which has supported the currency pair well in the last few months.

Market Recap: 4 - 8 March

USDCAD - Surges to Two Month High above 1.34 after BOC Holds Rates

Market Recap: 18 - 22 February

USDCAD - Well Supported at 1.32 as Analysts Split on BOC’s Next Move

Market Recap: 21 - 25 January

USDCAD - Well Supported at 1.32 Since BOC Sat on Rates

Market Recap: 7 - 11 January

USDCAD - Drops Sharply from 18 Month High above 1.36 as BOC Sits

Market Recap: 10 - 14 December

USDCAD - Eases from 18 Month High above 1.34 after BOC Sits

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