Forex Trading Library

The Week Ahead – More Record Highs!

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USDCAD BoC looking for more hikes
Illustrates USDCAD pair decline on weak US data and lower rates, highlighting key support and resistance levels.

The USDCAD pair has continued decreasing due to weak US data and lower rates. The Canadian dollar maintained its two-week range intact as price action continued to fall lower, recouping June’s losses. With oil also moving higher, the Loonie could continue to thrive after a decent reading in its unemployment rate. Continuing the same could propel prices even lower, with 1.3560 as a fresh support and 1.3740 as the top.

UKOIL remains bullish
Displays UKOIL's bullish trend on rising summer demand and geopolitical tensions, with key price levels.

Brent extended gains to two-month highs due to the expected rising demand during the summer and possible supply disruptions from the hurricane season. Also supporting oil prices are the ongoing geopolitical risks linked to Middle East tensions and signs of subsiding inflation. With the Euro bloc cutting rates last month, it is only a matter of time before the Bank of England does the same. The price hangs just below the 88.00 resistance, with 85.00 being the first support.

US 500 rallies as stocks hit new highs
Shows US 500's rally to record highs led by mega-cap stocks, highlighting current levels and support.

The S&P closed at another record high as mega-cap stocks such as Nvidia and Tesla led the way. With Tesla alone jumping 10%, it not only powered the S&P but also the Nasdaq to fresh highs. Whether or not this is just an AI bubble that is about to pop, economists are gearing up for further rallies on the index, especially as we close in on the Presidential Election race. The index is heading towards 5600, with 5300 being a fresh support.

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