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Forex Flash: “The broader structure of USD/CAD remains bullish” – TDS

FXstreet.com (Barcelona) - The USD/CAD finished the New York session flat, again failing to take out resistance near the 1.0300 level. A short term consolidation may be at hand after the large moves higher earlier in the week.

According to Shaun Osborn, Chief FX Strategist at TD Securities, “The rally/consolidation/break out (from the March/April bull flag) pattern from the January low suggests another leg up in the market is now playing out (to 1.06). Fresh, short-term cycle highs are supportive, as is regaining the 40-day MA (1.0217)."

He then went on to add, “A move through the 1.0341 peak would be very positive. At the moment, only a push back under 1.0084, last week’s low, undermines the bullish technical outlook.”

Commodities Brief: Precious metals hold previous lows as consolidation continues

The precious metals markets again traded in wide ranges, but finished well off the lows set early in the Asia session. There wasn’t a specific macro catalyst for the rebounds, as the majority of major currency rates remained quiet throughout much of the day. After briefly trading down to 1335, Gold managed to find solid support at previous lows and edged higher the rest of the day to close up 1% at 1390. Silver also managed to fight off early selling, at one point trading all the way down to 22.43 before clawing its way back to finish a shade lower 23.24.
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Forex: USD/SGD supported by 200 day SMA above 1.2340

USD/SGD is last at 1.2362, off yesterday's fresh 11-week lows at 1.2312, finding support since early April at the 200 day SMA, last at 1.2343. The pair is very slightly in the negative for the week so far, and flat since previous Asia-Pacific open yesterday.
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