-Gold prices still within the bounds of an ending diagonal pattern
- The USDJPY rebounds from a false breakout
- Bullish breakouts begin over 118.66
- Bullish reversals begin under 118.49
USD/JPY 30 Minute Chart
- The USD/CAD opens Fridays trading in a 97-pip range
- Range resistance is found at 1.4075
- Bearish breakouts begin under 1.3930
USD/CAD 30 Minute Chart
- The EUR/USD trades higher before FOMC
- Bullish breakouts begin over 1.0913
- Bullish reversals begin under 1.0882
EUR/USD 30 Minute Chart
- The USD/CAD attempts breakout over 1.4030
- Potential bullish targets include a 1–X range extension to 1.4105
- Bearish reversals begin under 1.4086
USD/CAD 30 Minute Chart
Fundamental Forecast for CAD: Bearish
- The Canadian Dollar struggled to start the week, driven lower by falling oil prices, but slimmed Oil supply numbers printing on Wednesday helped to provide a retracement that may offer potential trend-side entries).
- USD/CAD caught near-term resistance on the under-side of a projected trend-line, and had moved lower in response on Wednesday, Thursday and Friday.
- For up-to-date and real-time analysis on the CAD, Oil and market reactions to economic factors currently ‘in the air,’ DailyFX on Demand can help.
The Canadian Dollar continued to slide lower to start the week, furthering the return of the up-trend in USD/CAD led by a precipitous drop in Oil prices. But a surprise decrease in Oil supplies on Wednesday helped to strengthen Crude prices to finish off the week, and this led to CAD strength for the past three days. But after extended down-trends in both Oil and Cad, the prospect of trend resumption may be near and an attractive entry in both of these markets may be near.
Fundamental Forecast for British Pound:Neutral
- GBP/USD Mounts Larger Rebound Ahead of BoE Inflation Report
- Exit EURGBP Short / Pending Long Setup
- For Real-Time SSI Updates and Potential Trade Ideas on the British Pound, sign up for DailyFX on Demand
With GBP/USD largely reversing the decline following the Federal Open Market Committee’s (FOMC) policy meeting, the pair may continue to face range-bound prices in the week ahead as market attention turns to the Bank of England (BoE) interest rate decision on November 3.
Fundamental Forecast for EURUSD: Bearish
– Thursday’s ECB meeting shocked markets, sinking EUR/USD under $1.1100 by the end of the week.