In the dynamic world of trading, market sentiment plays a pivotal role in shaping investment strategies. Traders closely monitor various financial instruments and gauge market sentiments to make informed decisions. Recent trends indicate that traders are exhibiting a bullish sentiment towards USDCAD and US30 while adopting a bearish outlook on silver. Let's delve into the factors driving these sentiments and their potential implications.

The US30 Performance

(UPDATE) - Potential trend continuation.

US30 could potentially reach the end of the corrective wave and point C of the bullish pattern and could see the trend resuming to the upside. Around the 61.8 fib level, there are multiple trade signals that are pointing to the upside and as such, traders will be interested in longing for US30.

A break and close above the descending structure will further confirm bullish momentum with targets set at the resistance around 34278.00.

The USDCAD

USDCAD broke above the structure.

USDCAD recently broke above the descending structure after a series of higher lows that developed. The market gave signs of a potential shift to the upside when it failed to break below the support zone created around 1.33144 and instead broke above the resistance zones. 

According to this price action, traders anticipate the support zone around 1.35540 to hold the price and confirm a continuation to the upside. This will be in confluence with the 61.8 fib level. As such, traders are bullish and anticipate the market to rally back to the next resistance zone around 1.36660.

Read More: 7 Best Forex Trading Tips For 2023

XAGUSD (SILVER)

SILVER is on the way to the 61.8 fib level.

Silver has entered its 4th week of weakness and traders do not anticipate a push to the upside as yet according to the current market structure. Even though the overall structure is ascending, Silver is currently forming a retracement and according to the first retracement, traders anticipate a drop to the 61.8 fib level. As such, a weekly close below the 50.0 fib level will add to the confluence and provide trading opportunities to the downside.

Final Thoughts On Today’s Analysis 

Traders' sentiments provide valuable insights into the market landscape, guiding investment decisions and strategies. Presently, traders exhibit a bullish sentiment towards USDCAD and US30, supported by strong economic fundamentals and positive market indicators. In contrast, a bearish outlook prevails on silver due to factors such as a strengthening US dollar and shifting investment preferences. Register today with us to be part of the TD Markets Academy.