Charts of the Week: USDCAD clears major resistance, rally could continue + GBP under pressure

AxiTrader

AxiTrader looks at how pressure on the British Pound is intensifying. GBPUSD recently broke below the rising trendline from the November low, and the next major support level is seen at the 200 DMA around 1.2690.

trading

The management team at AxiTrader take a look at the movements in major currency pairs this week.

USDCAD broke above the key trendline from the Summer 2019 high, and it appears that CAD bears have gained the upper hand again. Strong economic data out of the US are keeping the Dollar bid, while the Canadian Dollar is suffering from declining Oil prices. The Daily RSI has only recently entered overbought territory, and momentum remains strong overall, suggesting the currency pair might have a run towards the Apr´ 19 high at 1.3565 in the near-term.

Meanwhile, pressure on the British Pound is intensifying. GBPUSD recently broke below the rising trendline from the November low, and the next major support level is seen at the 200 DMA around 1.2690.

XAUUSD has been consolidating following the sharp rally that started in December 2019. Despite the recent pullback, Gold bulls remain in control and the overall uptrend intact. Traders are now looking for a breakout above the upper triangle trendline to signal a continuation of the rally. Resistance would then be seen at $1600, followed by $1611 (January high).

GER30 failed to reach the all-time high from last month, but the index could find support around the 61.8 % Fibo of the January decline, which lies around 13.350 points. Should that level not hold, there could be further momentum selling, pushing the index back towards the major support area between 13.150 and 13.200 points.

The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

Find out more about AxiTrader here.

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<