After a few days of laboring, CADCHF is starting to pick up momentum. The precious metal Gold is also picking up steam to the downside as the price meets 1750.
Last week, price action traders went short for CADCHF after a shooting star was printed on the daily time frame. This candle was printed off a key resistance level and provided enough confluence for a trade entry. After a small bout of drawdown, this trade has officially hit take profit 1 today and more profits are expected.
Gold traders are patiently waiting for the Dollar to resume its uptrend in hopes of selling Gold to new quarterly lows. At the moment, the price is finding support from bulls at 1750. Earlier during the London session, the Dollar made a small rally to a previous lower high but was unable to push any higher. Once 1750 is breached, shorts for Gold can resume.
Further Dollar weakness may be on the way as tomorrow’s ADP job report has a mere 550,000 additional jobs added compared to the previous result of 978,000. However, this Friday’s looming NFP report will ultimately be the deciding factor.
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