The USDCAD Performance

USDCAD is now testing the support zone.

USDCAD is still trading within a bullish structure and trend. The trendlines identify an ascending channel. At the moment the market has created a high of around 1.38592 and is currently failing to break above and create higher highs. Judging from the lower highs the market has created, it seems as though the momentum to the upside has slowed down, and as such, traders are waiting for a break below the channel and support zone as well as a retest before looking for short-term bearish trading opportunities.

The XAGUSD Performance

XAGUSD has rallied +2% to the upside

XAGUSD is now trading at the top of the structure as well as the resistance zone around 23.677. According to this structure and price action, traders anticipate Silver to break above and push to the upside. As such a break above will confirm more bullish momentum.

The XAUUSD Performance

XAUUSD has rallied +1% to the upside.

XAUUSD is now trading around the 1980.00 resistance zone after an aggressive push to the upside from the 50.0 fib level. According to the weekly timeframe structure traders are bullish and anticipate Gold to reach 2000.00 before looking for further bullish momentum. As such, a break and retest of the lower timeframe structures will continue the momentum to the upside. 

Final Thoughts On Today’s Analysis

In conclusion, the current market analysis suggests a bullish sentiment for Gold (XAUUSD) and Silver (XAGUSD). At the same time, the USDCAD appears to be on the verge of a potential bearish breakout.

Considering these factors, the analysis suggests a divergence in the performance of the USDCAD compared to Gold and Silver. While the USDCAD is potentially poised for a bearish move, Gold and Silver seem to be supported by bullish indicators, emphasizing the importance of monitoring these assets for strategic trading decisions. Traders should remain vigilant for any developments that may confirm or alter the current market trends.