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March 10, 2021

Trade Ideas: USD/CAD, Gold, SPX500

Frank Cabibi
USD/CAD Analysis
CPI for the United States reports as expected, but slightly better than last month's. The pair on the 4H chart seems like it has found support starting in the low 1.2600s, however, price has been on a steady downtrend while Canada's currency is still heavily favored.
Gold Analysis
Gold finally sees a good bounce off the lowest part of the support zone making both a higher high and low. Sustaining itself above $1700 looks like we could finally see some bullishness on the metal as market fears begin to reside once again. This severe underperformance in gold and the deviation from the 200 DMA can also be looked at as an indicator to start picking up long positions in the meantime.
SPX500 Analysis

After inflation fears began to reside, the market broke above the falling trend line and resistance level on the daily chart. Treasury bond yields have also have stopped their run to the upside for now which is a good sign for stocks. That long term trend line on the daily chart has shown that it's an effective level for price to find support at so that can be a new reference point if price were to fall back again.

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