Gold and USD/CAD: Potential Price Rise Ahead
Last week, Gold formed a gap and broke the local downtrend (points 1, 2, and 3). Hence, the price of this asset might potentially get back to the broken downtrend and then rebound forward. In this case, the asset’s price might test the resistance level of 2085. So, let’s observe what might happen next.
The price of Brent oil last week kept dropping and trying to approach the supporting zone formed between levels 71.50 and 72.50. The asset’s price might eventually gain the required support, rebound, and target the level of 95.00 next.
The price of the Canadian dollar rebounded from the resistance level of 1.3387 and formed a fine bullish engulfing at the end of the trading week. The price of the currency pair USD/CAD should rise and hit the level of 1.3695 at the beginning of the next trading week. Time will tell whether such a price rise might happen.
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