The USD/CAD Pair Forms A Downward Trajectory

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The break of the 107.93 support level was short-lived as buyers returned to test the price level once again. A trading range between the 107.93 and 110.19 price levels will likely remain in the near-term in the absence of any major fundamental news. Momentum indicators reflect the bearish sentiment with moderate downward trajectories.


The Eurodollar has failed to move beyond the 1.089 price level, as sellers remain active in the pair. Clearly, the 1.089 resistance area represents a significant hurdle in the return to a previous trading range. Both MACD and RSI have flattened in bearish/neutral territory.


The GBP/USD pair has been unable to push beyond the 1.251 price line, with buyers and sellers tussling for control. Price action may remain in this price range going forward unless there are new developments in the virus situation. Momentum indicators reflect the bullish sentiment, with MACD on the verge of a bullish break of the zero line.


The USD/CHF pair has once again pulled back to the 0.961 support level and despite selling pressure, price action has rebounded towards the 0.973 resistance area. A moderate U.S. dollar recovery may not last. Momentum indicators have flattened in neutral/bullish territory.


The USD/CAD pair's bullish rebound was short-lived. Price action has fallen back from a descending trendline which represents an overall downward trend. The 1.397 support level is now the next likely test for price action. Momentum indicators have stalled in neutral/bullish territory.


The Silver rally has flattened in the first sign of exhaustion from buyers. The metal has failed to reach the 16.14 support level as sellers returned. Momentum indicators have upward trajectories yet the climb also appears to be slowing.


The gold rally has moved beyond the 1700 range and yet has been met with selling pressure, after climbing to new highs. Sellers returned yesterday and price action may head back to test the 1693.16 support level. Momentum indicators suggest the metal is oversold with RSI pulling away from the 70 resistance level.


WTI has failed to clear the $30 per barrel mark as sellers return to the metal. This may be another new normal for the commodity as it fails to move higher despite an output cut from OPEC+. Momentum indicators have stalled in bearish territory.
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