USDCAD

Despite the exit from consolidation, the currency pair is still in doubt. The reason is today's data, which in one part is forecast to improve the situation in the US, ie "core retail sales" which is expected to be positive compared to the last reading. This represents a change in total retail sales excluding cars. On the other hand, there is a change in the total value of sales at the retail level, this is the primary measure of consumer spending that accounts for most of the overall economic activity and is currently projected negative.

You can see that this pair needs strong information from the country for investors to make decisions that will push the price in some direction.

XAUUSD

Gold on the rise

Gold rebounded as expected, but we cannot be sure about its further upward move. In the current situation, where we expect important data from the US today, we can expect bigger moves in the US dollar.

In the picture I have marked the level with a line which should give us an open path for further growth. Until then, it is worth being careful. In case of further increases, the next level will be the border of the channel. I recommend that you mark yourself in the same way as you can see in the image, and mark the place where the price can touch the line. If the marked level is near the resistance, we have a ready waiting point.