Interesting technical setup in the USD/CAD
Gary Christie June 13, 2020 4:53 AM
Looking at the USD/CAD, an interesting technical setup is taking place on a 30-minute chart.
Interesting technical setup in the USDCAD
The US Dollar was bullish against most of its major pairs on Friday with the exception of the NZD, AUD and CAD.
On the economic data front, the University of Michigan's Consumer Sentiment Index rose to 78.9 on month in the June preliminary reading (75.0 expected), from 72.3 in the May final reading.
On Monday, Empire Manufacturing for June is expected to rise to -30.0 on month, from -48.5 in May.
The Euro was bearish against most of its major pairs with the exception of the CHF, GBP and JPY. In Europe, the European Commission has posted April industrial production at -17.1% (vs -20.0% on month expected). France's INSEE has released final readings of May CPI at +0.4% (vs +0.2% on year expected). The U.K. Office for National Statistics has reported April GDP at 20.4% (vs -18.7% on month expected), industrial production at -20.3% (-15.0% on month expected) and manufacturing production -24.3% (vs -15.6% on month expected).
The Australian dollar was bullish against most of its major pairs with the exception of the NZD and CAD.
Looking at the USD/CAD, an interesting technical setup is taking place on a 30-minute chart. The pair rebounded from a bearish trend channel and is now forming a symmetrical triangle continuation pattern. A break to the upside of the triangle pattern will have bullish implications. Wait for confirmation in either direction before taking action on this setup. A break below 1.3525 support would have bearish implications.
Source: GAIN Capital, TradingView
Have a great weekend
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
GAIN Capital Singapore Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the GAIN Capital group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), GAIN Capital Singapore Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact GAIN Capital Singapore Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither GAIN Capital Singapore Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
GAIN Capital Singapore Pte. Ltd. is not under any obligation to update this report.
Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.
Cryptocurrencies are not legal tender currency and trading of derivatives on Cryptocurrencies are currently not covered under any regulatory regime in Singapore. Consequently, investors should be aware they do not have protection under the Securities and Futures Act (Cap. 289). Please ensure that you are fully aware of the risks.