US Wrap

US equity markets have retreated for another session and we did manage to see a small bounce in the Greenback after more than a week of selling.

The major forex pairs retreated from their recent highs thanks to the uptick in the Greenback, but for the most part, we should expect the decline in the USD to continue.

Precious metals all remained in what looks to be a sustained move higher and the bottom now looks to be in place.

In the crypto space, we have started to see many altcoins start to gain some ground, while BTC still hasn’t really pushed higher after the weekend sell-off.

The Data Agenda

The event of most interest today is certainly the BOC interest rate decision. While rates might not be on the rise today, there is a fair bit of speculation at the moment that the BOC could be the first private central bank to indicate a change is on the horizon.

While most of the world’s private central banks have indicated that they will be leaving rates low and will print money indefinitely, the BOC could change the narrative today with reports indicating it is set to wind back the bond buying.

This meeting will be a must-watch for traders as the implications could resonate across the globe.

Forex Signal Update

The FX Leaders Team grabbed one win in our USD/CAD trade and this pair will be the main focus today.

EUR/USD – Active Signal

The EUR/USD is still holding up for the time being but should the uptrend break along with the 1.2000 level, we could see some sharp downside.

LTC – Active Signal

LTC is finding support at the $240 level for the time being as the entire sector appears to be consolidating.

Cryptocurrency Update

We’ve been hearing reports of many billions of dollars of BTC that have been getting moved around between large holders over the past 24 hours.

At the moment, Bitcoin is holding around the $55,000 level, however, the movement of genuine size by these whales suggests that something is going on behind the scenes. It’s hard to say whether this is bullish or bearish, but surely something is going to happen in the days ahead.

We also heard from Gary Gensler the new SEC chief, who says he is waiting to hear from the current administration as to what the next move for crypto regulation might be. Again, this is the real story for me at the moment and the implications of what are to come will be enormous.