The USD/CAD pair saw a lot of volatility during the week, with the US dollar experiencing ups and downs against the Canadian dollar. The Canadian economy has its challenges, while the US economy’s interest rates are likely to benefit the greenback. Positive PMI numbers on Friday further fueled upside momentum for the pair.
Bitcoin attempted to rally towards the $67,000 level but showed signs of weakness. The cryptocurrency has been volatile, especially after a significant increase in value followed by months of stagnation. The $60,000 level is seen as a key support level for Bitcoin.
WTI Crude Oil rallied above the $80 level during the week, attracting buyers into the market. Breaking above the weekly candlestick high could lead to a further push towards the $85 level. Any short-term pullbacks are expected to be met with buying interest.
The DAX index stabilized between €18,000 and €18,250 levels during the week, following a previous selloff. Breaking above the €18,250 level could signal a bullish continuation towards recent highs, potentially reaching the €20,000 level. A breakdown below €18,000 may test the €17,750 support level.
USD/JPY rallied towards the crucial ¥160 level, with a potential for further upside momentum. Short-term pullbacks could attract buyers, with the ¥155 level acting as a major support level. Breaking above ¥160 could trigger FOMO trading.
EUR/USD struggled around the 1.08 level, with a potential downside move towards 1.06 if the support at 1.07 is breached. The market is expected to remain choppy, favoring short-term trading strategies.
Silver experienced volatility during the week, crossing above $30 before retracing. The $28.50 level is seen as a key support level, while a break above $30 could lead to a move towards $32.
EUR/GBP had a strong week against the British pound, testing the 0.85 level. Breaking above 0.85 could lead to further upside momentum, while a breakdown below recent lows may increase selling pressure on the pair.