Canadian Dollar Outlook: AUD/CAD, NZD/CAD Post-Jobs Report Levels to Watch 2021-02-06 16:00:00 Thomas Westwater, Analyst
Canadian Dollar Technical Forecast: Bearish
AUD/CAD’s Descending Triangle back in play after prices climb from trendline
NZD/CAD formed a Symmetrical Triangle pattern following a new lower high
AUD/CAD Technical Outlook
The Canadian Dollar wavered against the Australian Dollar following a worse-than-expected Canadian jobs report. AUD/CAD recorded a 0.44% gain on Friday. The pair briefly pierced above the lower bound of a Descending Triangle pattern before resistance at the 20-day Simple Moving Average (SMA) and the 23.6% Fibonacci retracement level from the December – January move killed upside momentum.
Crude Oil Surges as Economic Recovery Aids Outlook, Copper Faces Technical Hurdle 2021-02-04 04:30:00 Thomas Westwater, Analyst
Crude Oil, Economic Recovery, Copper, Technical Forecasts – Talking Points
Crude Oil pushes into fresh yearly highs after OPEC+ holds production cuts
EIA inventory figures point to bullish recovery as US economy recovers
Copper prices in danger as Descending Triangle pattern sends bearish signal
Oil prices are surging this week on declining inventory levels, OPEC+ developments, and an improving global economic outlook. U.S. benchmark West Texas Intermediate (WTI) prices rose above the 56 handle for the first time since last January. Increased stimulus bets have also bolstered prices as Democrats on Capitol Hill continued progress towards passing a massive $1.9 trillion fiscal relief package. Along with oil prices, markets are reflecting optimism in fiscal stimulus bets through the
Bitcoin (BTC) Playing Catch Up as Ethereum (ETH) Surges to Fresh Highs 2021-02-03 03:00:00 Daniel Moss, Analyst
Bitcoin, Ethereum, ETH/USD, BTC/USD, BTC/ETH Ratio – Talking Points:
The breakdown in the BTC/ETH ratio suggests Ethereum may continue outperforming Bitcoin.
BTC poised to retest its yearly high after breaching Descending Triangle resistance.
ETH looking to extend climb to fresh record highs after penetrating key resistance. Advertisement
As mentioned in previous reports, the BTC/ETH ratio’s break to its lowest levels since August of 2018 suggests that Ethereum may continue to outperform Bitcoin in the short term. Indeed, this has held true in recent days as the second-most heavily trade cryptocurrency has surged to fresh record highs, while Bitcoin has stagnated above key support.
The Australian Dollar has formed bearish technical setups against its US and Canadian counterparts, with prices potentially setting up for significant breakdowns.
US equity markets bounced back on Thursday after a sharp selloff the day prior. Asia-Pacific trading is set to extend higher, with the Australian Dollar benefiting, but potential headwinds may be o.