Forex Signals Brief for Dec 9: BOC Policy Decision in Focus!

Posted Wednesday, December 9, 2020 by
Arslan Butt • 2 min read

US Market Wrap

Markets were somewhat mixed yesterday, due to the low impact on economic events. The US dollar rose on Monday, as numbers of coronavirus cases continued to rise, and lockdowns were extended, which weighed on the US economic recovery.

Gold prices rallied on the back of talks surrounding a new US coronavirus stimulus effort. The widespread second wave of the coronavirus in the United States was another factor involved in the rising prices of gold. The US has seen its biggest hospitalization rate ever, with more than 104,000 patients hospitalized in a single day. The number of new coronavirus cases in the US has also increased to an alarming level, which has put pressure on the US dollar, favoring the gold prices further. Meanwhile, the rise in gold prices could also be attributed to the latest sanctions on Chinese firms by the United States. The US has imposed financial sanctions and a travel ban on 14 Chinese officials, over their alleged role in disqualifying elected opposition legislators in Hong Kong.

Overall, the market is likely to exhibit a thin trading volume today, amid low impact economic events from the Eurozone. However, all eyes will remain on the Bank of Canada’s Monetary Policy decision.

Forex Signal Update

The FX Leaders Team closed signals with a 100% success rate, as three out of three signals hit profit. However, the market is still choppy, and there’s a lack of one-sided movement. Make sure you follow our live signals because, with some big data ahead, volatility could increase as we head towards the end of the week.

LTC – Active Signal

LTC couldn’t break through the $ 90 level for another session, despite strength in the sector. But we can see the price making some higher lows, which is bullish.

LTC – 240min.

USD/CAD – Active Signal

The USD/CAD has been tumbling, as investors cycle out of the USD and into better options, such as the CAD. We are short here, as the price is dumping.

USD/CAD – 240 min.

Cryptocurrency Update

BTC continues to trade near record highs levels, and once again the price has failed to push through. as buyers get exhausted.

The main thing to watch at the moment is how the price responds to the pullback. Higher lows and clear dip-buying would be very bullish. On the higher side, the BTC/USD may find resistance at 19,747, while support remains at 18,418.

BTC – 240 min.

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