Weekly outlook covering Where USDCAD and XAUUSD, SPX 500 hits double top analysis and key support and resistance levels shaping market expectations.
USDCAD remains bullish
Oil wars have been the centre of attention in the past few months, as the worry over an upcoming recession grows more likely. As the greenback continues to push to fresh highs, traders are turning their attention to a potential sell-off. With a host of news from Canada this week, including positive GDP data, which is looking to jump out of negative territory, the pair is heading towards 1.3860, with 1.3750 as the first support.
XAUUSD looking for direction
Gold extended its decline last week as the precious metal edged lower to near a two-week low amid easing geopolitical tensions. Traders are hopeful for a deal after Donald Trump’s comments on the probability of an announcement soon. With price action collapsing from its recent peak towards 5000, sentiment hits a new low, as prices now look towards 4440 as the first support, with 4700 the first target, should buyers enter the market.
SPX 500 hits double top
The S&P propelled higher as AI and Tech stocks advanced, with the tech bubble remaining strong. A meteoric move higher shows the index is far from beaten, especially after touching the 7500 area in the past week. Should earnings remain progressive, we could see an extension of the bullish rally, with 7800 as the next upside target. On the flip side, if the index runs out of steam, expect 7350 to be the closest support level.
