USDCAD / DXY / CXY / COMUSD / BCHUSD / XRPUSD / LNKUSDUSDCAD (USD/CAD)
Overview: The USD/CAD pair is showing strong momentum, currently hovering near the 1.3900 level after significant gains throughout October. With strong dollar strength and a weaker Canadian dollar driven by market sentiment and the oil market, USD/CAD remains a key pair to watch.
Key Levels: Support lies around 1.3750, with resistance near 1.3920 as the pair continues its bullish drive. Watch for potential consolidation near these levels as we approach key economic data from both regions.
DXY (US Dollar Index)
Overview: The US Dollar Index (DXY) has been trending upwards, currently testing 103.38 resistance. This reflects continued strength in the USD across multiple currencies, with traders eyeing upcoming economic data, including US inflation figures, which could impact the Fed’s policy outlook.
Key Levels: Resistance at 103.40, with upside potential if inflation data surprises to the upside, while 103.00 serves as a key support level.
CXY (Canadian Dollar Index)
Overview: The CXY has seen a sharp decline, falling to around 72.68 as weakness in the Canadian dollar continues. This is being driven by concerns over the country’s economic outlook and subdued oil prices, which are critical to CAD strength.
Key Levels: Watch for support at 72.40 and resistance near 73.00 if there’s any positive shift in oil prices.
COMUSD (Commodities Index )
Overview: COMUSD remains in a consolidation phase as commodity markets await further news on oil supply and demand dynamics. Any shifts in global economic data could move the index either way. The overall range remains tight.
BCHUSD (Bitcoin Cash)
Overview: Bitcoin Cash (BCH) has experienced a significant upward spike, testing the $375 level. Recent market optimism about altcoins and positive technical setups have contributed to this surge. However, BCH seems to be retracing after touching key resistance.
Key Levels: Resistance sits near $384, with support around $350. A break below $350 could signal further declines
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XRPUSD (Ripple)
Overview: XRP is currently consolidating around the $0.50 - $0.54 range after a period of volatility. Market sentiment remains cautious, as traders await further developments regarding Ripple's ongoing regulatory challenges and overall crypto market direction.
Key Levels: Resistance at $0.56, with support near $0.50. A break below this range could prompt further downside.
LNKUSD (Chainlink)
Overview: Chainlink (LNK) is testing the $11.25 level, with short-term resistance near $11.40. A solid technical structure suggests that the coin may push higher if bullish momentum continues, but profit-taking could lead to pullbacks.
Key Levels: Support near $11.10 and resistance around $11.50.
