The USDCAD Performance

USDCAD recently created a top and dropped from 1.38610, the previous high the market created. This price action caused the market to break below previous support zones and is now stuck on the ascending trendline and support zone around 1.36936. If the market fails to continue trading higher and instead breaks and closes below the trendline as well as the support zone around 1.36269, this could force the buyers to exit their positions and look for short-term trading opportunities to the downside.

The XAGUSD (Silver) Performance

Silver is up +7%. According to the previous commentary, silver has rallied to the upside from the bottom of the corrective pattern. This price action provided trading opportunities to the upside.

Silver is now forming a bullish impulse wave and should break above the descending structure according to this price action. Therefore traders anticipate the market to reach 24.800.

The XAUUSD (Gold) Performance

Gold is up +1.5%. GOLD bounced from the 78.6 fib level and previous structure according to the previous commentary. This price action resumes the weekly timeframe bullish trend and provides trading opportunities. At the moment traders will monitor market structure on the lower timeframes to identify more trading opportunities.

Final Thoughts On Today’s Analysis

In summary, the overall market sentiment leans towards bullish for Gold and Silver, supported by their recent positive performances. Conversely, the USDCAD is at a crucial juncture, and a break below key support levels could signal a shift to a bearish trend. Traders are advised to stay vigilant and adapt their strategies based on evolving market conditions.