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March 12, 2021

Trade Ideas: USD/CAD, BTC/USD, SPX500

Frank Cabibi

Yields Climb, USD/CAD Falls, SPX in the Red
3/12/2021

USD/CAD Analysis
UC on the daily chart can't break above the falling trend line and retests lows in the 1.24000s. This is the lowest price has been since 2018 which shows how powerful this down trend has been. Employment data came out today for CAD which was better than expected, and most likely the reason why the pair fell again today. 
BTC/USD Analysis
Looking at bitcoin from a technical standpoint on the daily chart, price is now back up to all-time highs for its second test on the resistance. Traders are most likely looking for a breakout to the upside which would probably keep price running up into the 60ks. If not, the crypto has support at 52658 and the 42-43Ks zone.
SPX500 Analysis
SPX500 on the daily chart takes a breather near the highs after a few days of green fueled by the senate passing of the $1.9 trillion stimulus bill. Bond yields are rising again which could be the cause of today to be in the red, but it's the tech stocks that are dragging the market down for the most part. NASDAQ is sliding and the Dow made a new all time high today, so keeping an eye on treasury yields will be important going forward for sector-specific opportunities (tech, blue chip, etc.)

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