The USD/CAD goes back to the 1.4100 level

The US Dollar versus the Canadian Dollar goes back up to the 1.4100 level. That level may act as resistance and price may try to bounce to the downside from there. A little bit above the 1.4100 level, we can see the 21 day exponential moving average, which could also contribute in turning the area into resistance. However, if the price breaks to the upside, then the 1.42 or the 1.43 could act as resistance. To the downside, the 1.3900 zone could act as support.

The Dollar rallies

The Dollar rallied for today after the Bank of Japan took its interest rate into negative territory and the fundamental data out of the United States came out in line with what was expected. The Gross Domestic Product reading has come out practically in line with what investors and trades were waiting for. This has caused the Dollar to strengthen again. The Euro, the Pound, and the Yen all dropped versus the Dollar as risk appetite comes into the markets. The EUR/USD could find some support at the 1.0800 or the 1.0700 level, but the pair remains consolidated, trading in a range.

Possible production cut on oil

Oil rallies for today after it was rumored of a possible production cut deal among some oil producing countries. That has made the price of light crude oil or WTI to rally close to the 35.00 level for today. Above the 35.00 level, the 37.00 could act as its next resistance. To the downside, the 32.00 level could act as support as shown on the daily chart.

Gold nears its 200 day EMA

The 200 period exponential moving average could work as a very good support or resistance zone, especially on the higher timeframes. On the daily chart of gold we can see that the price is getting near the 200 day exponential moving average or EMA. According to the chart, the price has not visited that moving average in a long time; therefore, it is possible to see a bearish bounce from there if the price reaches the 1128 zone. To the downside, the 1113 level could act as support.

The USD/CAD goes back down

On the daily chart of the USD/CAD we can see that the price has been boxed between the 1.4100 level and the 1.4300 level. Even though today the price broke below the 1.4100, it could not stay below that level and goes back up. However, if tomorrow we have another bearish candle, then the pair may have changed trend to the downside. But in order for the pair to change direction, the Canadian Dollar should get stronger helped by oil, but if oil does not rise, then it would be difficult for the pair to continue falling.

Gold goes back up

Risk aversion seems to have come back into the markets and that is probably why gold has gone back up for today. On the daily chart we can see that the high around the 1113 could act as resistance, but it the price breaks above that level, then it may try to go and visit the 200 day EMA, around the 1128 level, blue line. The 55 day EMA, purple line, may act as a support, but below that zone, the low at the 1071 could also act as a support.

Excellent bullish pullback on oil

The March contract for light crude oil has made a very good bullish pullback from the lows around the 28.00 zone to the 32.00 zone. On the 4 hour chart we can see that the price has been breaking to the upside one round number level after the other, but the 32.00 zone may act as resistance and price may go back to its bearish longer-term trend. To the downside, the 30.00 level may act as support in case the price drops back down.