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.)

A1 Edgefinder

Watchlist
Save time looking for setups with the EdgeFinder's watchlist! In a glance, see the EdgeFinder's current top buys and top sells.

Discount code: 'READER'

Access Now

Free

Trading Plan Template
Struggling to build a successful trading plan? Download our template to get started today!
Download
Can The Dollar Break This Pivotal Level?

The dollar flew higher last week as a result of resilient economic news along with a higher PCE than expected. Now the DXY has reached a decision point in price action. This week's NFP will help determine the sentiment around the potential June rate hike. Here is what we are looking at: EdgeFinder Analysis USDCAD […]

Read More
Dovish Banks Could Crash These Currencies

Considerably dovish news from central banks in the US and New Zealand has caused a major stir in the markets. Governor Orr and Vice Chairman Powell both released some reassuring news for the economy in the long term. But what does this mean for USD and NZD? EdgeFinder Analysis GBPNZD is a pair that should […]

Read More
Kiwi In Need of Another Rate Hike

As we trade into a broad news week covering the economic status of multiple countries, there are several scenarios we should consider. Although it is impossible to predict the future, we can at least prepare for the news events set to come this week for kiwi, dollar and the pound. EdgeFinder Analysis GBPJPY still maintains […]

Read More
DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here
Home
Edgefinder
VIP
Menu
homesmartphonelaptop-phonemenu linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram