USD/CAD Daily Forecast – Canadian Dollar Is Under Pressure At The Start Of The Week

U.S. Dollar Gains Ground Against Canadian Dollar

USD/CAD made an attempt to settle above the resistance at 1.2900 but lost momentum and declined towards 1.2830 while the U.S. dollar lost momentum against a broad basket of currencies.

The U.S. Dollar Index faced strong resistance at 93.40 and declined towards 93.20. The nearest support level for the U.S. Dollar Index is located at 93.10. In case the U.S. Dollar Index declines below this level, it will head towards the support at 92.80 which will be bearish for USD/CAD.

While it’s an Election Day in Canada, foreign exchange market traders focused on general market sentiment and dynamics of commodity markets which were under pressure on fears about financial problems of China’s Evergrande.

U.S. dollar was gaining ground against a broad basket of currencies as demand for safe-haven assets increased. However, traders were not ready to push the U.S. currency towards yearly highs as they remained cautious ahead of the Fed meeting.

Meanwhile, Canadian dollar was under pressure as WTI oil made an attempt to settle below the psychologically important $70 level. If WTI oil settles below this level, it will head towards the 50 EMA at 69.40 which will be bearish for commodity-related currencies, including Canadian dollar.

Technical Analysis

usd cad september 20 2021

USD to CAD is currently trying to settle back above 1.2830. RSI is close to the overbought territory, but there is enough room to gain upside momentum in case the right catalysts emerge.

In case USD to CAD manages to settle above 1.2830, it will head towards the next resistance level at 1.2850. A successful test of this level will open the way to the test of the resistance at 1.2865. If USD to CAD gets above 1.2865, it will head towards the next resistance at 1.2900.

On the support side, a move below 1.2830 will push USD to CAD towards the support at 1.2785. In case USD to CAD declines below 1.2785, it will head towards the support at 1.2760. A move below 1.2760 will open the way to the test of the support at 1.2730.

For a look at all of today’s economic events, check out our economic calendar.

Why Twitter Stock Is Under Pressure Today

Twitter Agrees To Pay $809.5 Million To Settle Class Action Lawsuit

Shares of Twitter found themselves under pressure after the company announced that it had entered into a binding agreement to settle class action securities lawsuit for $809.5 million. This lawsuit commenced back in 2016. The copmany stated that it settled the lawsuit “without any admission, concession or finding of any fault, liability or wrongdoing”.

According to the press release, Twitter intends to use cash on the balance sheet to pay $809.5 million. This amount is expected to be paid in the fourth quarter of 2021. Twitter finished the previous quarter with more than $4 billion of cash on the balance sheet, so the settlement will not have a serious impact on the company’s liquidity.

What’s Next For Twitter Stock?

With a market capitalization that is close to $50 billion and more than $4 billion of cash on the balance sheet, Twitter can easily deal with a $809.5 million hit. At this point, current valuation valuation levels and general market sentiment present bigger risks for Twitter stock.

Analysts expect that Twitter will report earnings of $0.9 per share in 2021 and $1.2 per share in 2021, so the stock is trading at roughly 50 forward P/E. Analyst estimates have started to move lower in recent weeks, which may serve as an additional bearish catalyst for Twitter.

It remains to be seen whether Twitter will be able to trade at 50 forward P/E in case general market pullback continues and investors start to pay more attention to valuation levels. In this environment, it may be hard to justify paying 50 times future earnings for an established company in the digital space. At the same time, many traders may be ready to buy stocks after notable pullbacks, and Twitter shares have already declined from the $73 level in July to $60.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Tries To Rebound As Demand For Safe-Haven Assets Increases

Support At $22.10 Stays Strong

Silver is currently trying to settle back above $22.30 while U.S. dollar is gaining some ground against a broad basket of currencies.

The U.S. Dollar Index has recently made an attempt to settle above the resistance at 93.40 but failed to develop sufficient upside momentum and pulled back towards 93.30. In case the U.S. Dollar Index gets above 93.40, it will head towards yearly highs near 93.75 which will be bearish for silver and gold price today.

Meanwhile, gold continues its attempts to settle back above $1750. Today, gold benefits from increased demand for safe-haven assets amid global market sell-off. Treasury yields have moved lower as traders rushed to buy U.S. government bonds, providing additional support to gold. In case gold manages to settle above $1750, it will move towards the resistance level at $1775 which will be bullish for silver.

Gold/silver ratio managed to settle above 78.50 and is moving towards the 79 level. Gold/silver ratio gained strong upside momentum, and RSI moved into the overbought territory. However, there is plenty of room to gain additional upside momentum in case the right catalysts emerge. If gold/silver ratio gets to the test of the 79 level, silver will find itself under more pressure.

Technical Analysis

silver september 20 2021

Silver tried to settle below the support level at $22.10 but lost momentum and moved back above $22.30. If silver settles above this level, it will move towards the resistance at $22.60.

A successful test of the resistance at $22.60 will push silver towards the next resistance level which is located at $22.90. If silver gets above $22.90, it will head towards the resistance at $23.20.

On the support side, silver needs to get back below $22.30 to have a chance to develop downside momentum in the near term. The next support level for silver is located near the recent lows at $22.10.

A move below $22.10 will open the way to the test of the support at $21.90. If silver manages to settle below this level, it will head towards the support at $21.65.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Retreat Amid Global Sell-Off

All Eyes On China

S&P 500 futures are under significant pressure in premarket trading as traders focus on the potential collapse of China Evergrande Group, which has amassed more than $300 billion in liabilities.

Fears of another financial crisis coming out of Asia pushed global indices towards multi-week lows, but it remains to be seen whether the impact of a potential Evergrande default will have widespread consequences.

Traders are also nervous ahead of the Fed meeting, although Fed Chair Jerome Powell will likely try to calm markets and reiterate his usual dovish message on September 22.

Global Rush To Safety

The yield of 10-year Treasuries has moved away from recent highs and is trying to settle below 1.30% as traders buy U.S. government bonds to protect themselves from the potential correction in riskier markets.

The U.S. dollar is also moving higher due to its safe-haven status. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is trying to settle above the resistance at 93.40. In case this attempt is successful, it will move towards yearly highs near 93.75 which may put more pressure on stocks.

Interestingly, gold is gaining ground despite strong dollar as falling yields and demand for safe-haven assets have provided sufficient support. In this environment, gold mining stocks may rebound from yearly lows.

WTI Oil Tries To Settle Below The $70 Level

WTI oil is currently trying to settle below the support at the psychologically important $70 level as traders fear that Evergrande’s financial problems may have a notable negative impact on China’s economy and cut demand for oil.

Most other commodities are also under pressure, and the market mood is very bearish today. Premarket trading indicates that oil-related stocks will find themselves under huge pressure at the beginning of today’s trading session so traders should be prepared for fast moves.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Tests Support At $0.2190 While Bitcoin Slips Below $45,000

Crypto Markets Are Moving Lower

Dogecoin managed to settle below the support at $0.2255 and is trying to settle below the next support at $0.2190 while Bitcoin is moving towards the important support level at $44,000.

The world’s leading cryptocurrency found itself under strong pressure at the start of the week which was bearish for altcoins. Ethereum is moving towards the 50 EMA at $3,070. XRP is trying to settle below the major support at $0.95, while Shiba Inu tests its 50 EMA at $0.00000735.

In case Bitcoin manages to settle below the support at $44,000, it will gain additional downside momentum and move towards the support which is located near September lows at $42,600, which will be bearish for the whole crypto market and may put significant pressure on Dogecoin.

It should be noted that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is currently trying to settle above 42.5%. This move shows that pressure on altcoins is growing, which is bearish for Dogecoin.

Technical Analysis

dogecoin september 20 2021

Dogecoin is currently testing the support level at $0.2190. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Dogecoin manages to settle below $0.2190, it will head towards the next support level which is located at September lows at $0.2130. A successful test of this level will open the way to the test of the support at $0.2050. If Dogecoin declines below $0.2050, it will move towards the psychologically important support level at $0.20.

On the upside, Dogecoin needs to settle back above $0.2190 to have a chance to develop upside momentum in the near term. The next resistance level is located at $0.2255. A move above this level will push Dogecoin towards the resistance at $0.23. If Dogecoin settles above the resistance at $0.23, it will head towards the next resistance level which is located at $0.2350.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Euro Remains Under Pressure Against U.S. Dollar

Euro Is Weak At The Start Of The Week

EUR/USD is currently trying to settle below the support at 1.1720 while the U.S. dollar is moving higher against a broad basket of currencies.

The U.S. Dollar Index gained strong upside momentum and is testing the resistance level at 93.40. In case this test is successful, the U.S. Dollar Index will move towards yearly highs near 93.75 which will be bearish for EUR/USD.

The economic calendar is empty today so foreign exchange market traders will focus on general market sentiment. Global markets are losing ground, and there are several reasons for this move.

First, markets are worried about the fate of China’s Evergrande, whose financial problems may have broader impact. Second, traders remain cautious ahead of the Fed Interest Rate Decision which will be released on September 22. It remains to be seen whether Fed is ready to announce the reduction of its asset purchase program, but markets look very nervous ahead of the important meeting.

Technical Analysis

eur usd september 20 2021

EUR/USD settled below the support at 1.1750 and is trying to settle below the next support level at 1.1720. In case this attempt is successful, EUR/USD will move towards the support at 1.1690.

A successful test of the support at 1.1690 will open the way to the test of the next support level which is located near yearly lows at 1.1660. In case EUR/USD declines below this level, it will head towards the support at 1.1630. A move below this level will push EUR/USD towards the next support at 1.1615.

On the upside, EUR/USD needs to get back above 1.1720 to have a chance to develop upside momentum in the near term. The next resistance level for EUR/USD is located at 1.1750.

If EUR/USD gets above 1.1750, it will move towards the next resistance at 1.1775. A successful test of this level will open the way to the test of the resistance which is located at the 20 EMA at 1.1785.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – U.S. Dollar Stays Strong At The Start Of The Week

British Pound Is Under Pressure

GBP/USD is currently trying to settle below the support at 1.3690 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to settle above the resistance at 93.10 and is moving towards the next resistance level which is located at 93.40. In case the U.S. Dollar Index gets to the test of this level, GBP/USD will find itself under more pressure.

There are no important economic reports scheduled to be released in the U.S. and UK today so foreign exchange market traders will focus on general market sentiment and continue to wait for the Fed Interest Rate Decision which will be released on September 22.

Traders will also keep an eye on the developments in China as Evergrande’s problems have already put pressure on markets. The U.S. dollar may benefit from rush to safety due to its safe-haven status.

Technical Analysis

gbp usd september 20 2021

GBP/USD managed to get below the support at 1.3710 and is trying to settle below the next support level at 1.3690. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case GBP/USD declines below the support at 1.3690, it will head towards the next support level at 1.3665. A successful test of this level will open the way to the test of the next support at 1.3635. If GBP/USD gets below 1.3635, it will continue its downside move and head towards the next support at 1.3600.

On the upside, the previous support level at 1.3710 will serve as the first resistance level for GBP/USD. A move above this level will push GBP/USD towards the next resistance at 1.3745. In case GBP/USD gets above 1.3745, it will head towards the resistance level near the 20 EMA at 1.3780. A successful test of this level will open the way to the test of the next resistance which is located near the 50 EMA at 1.3800.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Test Of Resistance At 1.2760

Canadian Dollar Is Losing Ground Against U.S. Dollar

USD/CAD is currently trying to settle above the resistance at 1.2760 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is testing the resistance level at 93.10. In case this test is successful, the U.S. Dollar Index will move towards the next resistance level at 93.40 which will be bullish for USD/CAD.

Today, U.S. released Michigan Consumer Sentiment report which indicated that Consumer Sentiment improved from 70.3 in August to 71 in September compared to analyst consensus of 72.

WTI oil managed to get below the $72 level and made an attempt to settle below $71.50 which was bearish for commodity-related currencies, including Canadian dollar.

Foreign exchange market traders also focused on the developments in U.S. government bond markets. The yield of 10-year Treasuries is currently trying to settle above monthly highs near 1.38%. A move above this level will push it towards the resistance at 1.42% which will be bullish for the American currency.

Technical Analysis

usd cad september 17 2021

USD to CAD settled above the resistance level at 1.2730 and is trying to settle above the next resistance at 1.2760. In case this attempt is successful, USD to CAD will move towards the resistance at 1.2785.

A successful test of the resistance at 1.2785 will open the way to the test of the next resistance level which is located at 1.2810. If USD to CAD gets above the resistance at 1.2810, it will continue its upside move and head towards the next resistance level at 1.2830.

On the support side, the previous resistance at 1.2730 will serve as the first support level for USD to CAD. In case USD to CAD manages to settle below this level, it will head towards the next support at 1.2710.

A successful test of the support at 1.2710 will push USD to CAD towards the next support at 1.2685. If USD to CAD declines below this level, it will move towards the support at the 20 EMA at 1.2650.

For a look at all of today’s economic events, check out our economic calendar.

Why Gold Mining Stocks Are Trading At Yearly Lows Today

Gold Mining Stocks Retreat On Strong Dollar And Rising Treasury Yields

Gold mining stocks are trying to settle below the lows that were reached in late February while gold is testing the support level at $1750. Gold mining stocks have also made an attempt to settle below these levels in late July but failed to develop sufficient downside momentum.

Stronger dollar and rising Treasury yields have served as main bearish catalysts for gold mining stocks. The U.S. Dollar Index, which measures the strength of the U.S. dollar against a broad basket of currencies, is currently trying to settle above the resistance at 93.10 which is not far away from yearly highs at 93.56.

Meanwhile, the yield of 10-year Treasuries is testing the resistance at 1.38% which served as a major obstacle on the way up in August and September.

What’s Next For Gold Mining Stocks?

This is an important moment for gold mining stocks like Barrick, Newmont or Kinross as the sector is trying to settle below the important support level. In case this attempt is successful, gold mining stocks may gain significant downside momentum.

Rising Treasury yields may present a big problem for the gold market. Gold pays no interest while its safe-haven status has not provided much support in recent months as traders focused on the upcoming reduction of Fed’s asset purchase program.

At this point, the setup is bearish for gold mining stocks as Treasury yields and U.S. dollar are moving higher. However, the situation may change quickly in case the Fed is more dovish than expected. In this scenario, gold will move higher while traders will rush to buy gold mining stocks near yearly lows.

All in all, traders should be prepared for increased volatility in the upcoming trading sessions as the market will likely remain nervous until the Fed announces its Interest Rate Decision and provides commentary on September 22.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Test Of Support At $22.30

Silver Remains Under Strong Pressure

Silver is currently trying to settle below the support level at $22.30 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get above the 93 level. A move above this level will open the way to the test of the resistance at 93.10 which will be bearish for silver and gold price today.

It should be noted that the yield of 10-year Treasuries has moved back to multi-week highs which is bearish for precious metals. In case the yield of 10-year Treasuries settles above 1.38%, it will head towards the resistance at 1.42%, which will put additional pressure on silver.

Meanwhile, gold is trying to settle below the support level at $1750. In case this attempt is successful, gold will move towards the next support at $1720 which will be bearish for silver.

Gold/silver ratio is testing the resistance at August highs near 77.65. If gold/silver ratio settles above this level, it will head towards the 78 level which will be bearish for silver.

Technical Analysis

silver september 17 2021

Silver managed to settle below the support at $22.60 and is trying to get below the next support level at $22.30. RSI is close to the oversold territory but there is enough room to gain additional downside momentum in case the right catalysts emerge.

If silver manages to settle below the support at $22.30, it will head towards the next support level which is located at August lows at $22.10. A successful test of this level will open the way to the test of the support at $21.90. In case silver declines below this level, it will head towards the next support at $21.65.

On the upside, the previous support at $22.60 will serve as the first resistance level for silver. A move above this level will push silver towards the resistance at $22.90. In case silver settles above $22.90, it will head towards the resistance level at $23.20.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Remain Under Pressure Ahead Of The Weekend

Stocks Set To Open Lower

S&P 500 futures are losing ground in premarket trading as traders remain cautious ahead of Fed Interest Rate Decision which will be released on September 22.

Yesterday, Retail Sales and Continuing Jobless Claims reports exceeded analyst expectations and raised worries that Fed will soon announce the reduction of its asset purchase program.

Today, traders will have a chance to take a look at Michigan Consumer Sentiment report for September. Analysts expect that Consumer Sentiment increased from 70.3 in August to 72 in September.

Gold Tries To Rebound After Yesterday’s Sell-Off

Gold failed to settle below the support level at $1750 and is trying to rebound while the U.S. dollar is losing some ground against a broad basket of currencies.

Yesterday, gold gained strong downside momentum after it managed to get below the support at $1775. Not surprisingly, gold mining stocks found themselves under strong pressure and moved closer to yearly lows.

It remains to be seen whether traders will be ready to buy gold mining stocks today as the current rebound in the gold market is not strong, and gold may lose momentum in case U.S. dollar gains some ground or Treasury yields move closer to recent highs.

WTI Oil Failed To Settle Below The $72 Level

WTI oil has recently made another attempt to settle below the $72 level but failed to develop sufficient downside momentum. Oil found itself under pressure after the recent rally, but it looks that many traders were ready to buy oil on pullback.

The number of new daily coronavirus cases in the world is trending down which is bullish for oil. In addition, U.S. domestic oil production has not fully recovered from hurricane-related damage. Recent spikes in natural gas prices in Europe have also boosted traders’ enthusiasm. In this environment, WTI oil has good chances to get back to recent highs.

For a look at all of today’s economic events, check out our economic calendar.

Shiba Inu Rallies After Coinbase Listing

Shiba Inu Tries To Gain Additional Upside Momentum

Shiba Inu continues its attempts to settle above the resistance at $0.000009 as traders react to Coinbase listing. Such listing provides many traders with an opportunity to buy Shiba Inu, which is bullish for the cryptocurrency.

Meanwhile, Bitcoin remains stuck near the $48,000 level. In case Bitcoin manages to settle above this resistance level, it will gain additional upside momentum which will be bullish for the whole crypto market, including Shiba Inu.

Other cryptocurrencies are mostly moving higher. Ethereum has recently made an attempt to settle above the resistance at $3,600. XRP is trading near $1.09 while Dogecoin is testing the resistance level at $0.2570.

Technical Analysis

shiba inu september 17 2021

Shiba Inu has recently made an attempt to settle above the resistance level at $0.0000095 but failed to develop sufficient upside momentum and pulled back. RSI remains in the moderate territory despite the recent rally so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

Currently, Shiba Inu needs to settle back above $0.000009 to have a chance to develop upside momentum in the near term. In case Shiba Inu gets above $0.000009, it will head towards the next resistance level which is located at the recent highs at $0.0000095.

A successful test of this level will open the way to the test of the psychologically important resistance at $0.000010. If Shiba Inu manages to settle above $0.000010, it will move towards the resistance at $0.0000105.

On the support side, the nearest support level for Shiba Inu is located at $0.0000085. In case Shiba Inu declines below this level, it will head towards the support at $0.000008.

A move below $0.000008 will open the way to the test of the support at $0.0000077. If Shiba Inu manages to settle below this level, it will head towards the next support which is located at $0.00000745.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – Euro Tries To Rebound Ahead Of The Weekend

Euro Gains Some Ground Against U.S. Dollar

EUR/USD is currently trying to settle back above 1.1775 while the U.S. dollar is losing some ground against a broad basket of currencies.

The U.S. Dollar Index is currently trying to get back below 92.80. In case the U.S. Dollar Index settles below this level, it will move towards the next support at the 20 EMA near 92.60 which will be bullish for EUR/USD.

Today, foreign exchange market traders will have a chance to take a look at the final reading of Euro Area inflation reports for August. Analysts expect that Euro Area Inflation Rate increased by 3% year-over-year while Euro Area Core Inflation Rate grew by 1.6%.

In the U.S., traders will focus on Michigan Consumer Sentiment report which is expected to show that Consumer Sentiment improved from 70.3 in August to 72 in September.

Trading will likely remain nervous ahead of the Fed Interest Rate Decision which will be released on September 22 as traders try to guess whether Fed is ready to announce the reduction of its asset purchase program.

Technical Analysis

eur usd september 17 2021

EUR/USD did not manage to settle below the support at 1.1750 and is trying to get back above 1.1775. In case this attempt is successful, EUR/USD will move towards the next resistance level which is located near the 20 EMA at 1.1800.

If EUR/USD manages to settle above the 20 EMA, it will gain additional upside momentum and head towards the next resistance level at the 50 EMA at 1.1815. A successful test of the resistance at 1.1815 will open the way to the test of the next resistance at 1.1830.

On the support side, the nearest support level for EUR/USD is located at 1.1750. In case EUR/USD manages to settle below the support at 1.1750, it will head towards the next support level which is located at 1.1720. A successful test of this level will open the way to the test of the next support at 1.1690.

For a look at all of today’s economic events, check out our economic calendar.

GBP/USD Daily Forecast – British Pound Is Mostly Flat After Retail Sales Data

UK Retail Sales Declined By 0.9% In August

GBP/USD is currently trying to settle below the support level at 1.3800 while the U.S. dollar is mostly flat against a broad basket of currencies.

The U.S. Dollar Index managed to settle above the resistance at 92.80 but failed to get to the test of the 93 level. In case the U.S. Dollar Index settles above 93, it will head towards the resistance at 93.10 which will be bearish for GBP/USD.

UK has recently reported that Retail Sales declined by 0.9% month-over-month in August compared to analyst consensus which called for growth of 0.5%. On a year-over-year basis, Retail Sales were flat, while analysts expected that they would grow by 2.7%.

Foreign exchange market traders will also continue to monitor the developments in U.S. government bond markets. The yield of 10-year Treasuries managed to get above the 50 EMA at 1.33% and is trying to develop additional upside momentum. In case this attempt is successful, U.S. dollar may get more support.

Technical Analysis

gbp usd september 17 2021

GBP/USD continues its attempts to settle below the support level at 1.3800. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case GBP/USD manages to settle below the support at 1.3800, it will get to another test of the next support level at 1.3780. A successful test of this level will open the way to the test of the support at 1.3745. In case GBP/USD gets below 1.3745, it will continue its downside move and head towards the support at 1.3710.

On the upside, a move above 1.3800 will push GBP/USD towards the resistance at the 50 EMA at 1.3815. In case GBP/USD settles above this level, it will head towards the next resistance at 1.3835. A successful test of this level will push GBP/USD towards the next resistance level which is located at 1.3865.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – U.S. Dollar Moves Higher After Strong Retail Sales Report

Canadian Dollar Declines Against U.S. Dollar

USD/CAD is currently trying to settle above the strong resistance level at 1.2685 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index managed to get above the resistance level at 92.80 and is trying to develop additional upside momentum. In case this attempt is successful, the U.S. Dollar Index will move towards the next resistance at 93.10 which will be bullish for USD/CAD.

Today, U.S. reported that Retail Sales grew by 0.7% month-over-month in August while analysts expected that they would decline by 0.8%. Initial Jobless Claims increased from 312,000 to 330,000, while Continuing Jobless Claims declined from 2.85 million to 2.67 million. Better-than-expected Retail Sales and Continuing Jobless Claims reports provided support to U.S. dollar as positive economic data increases chances that Fed will announce the reduction of its asset purchase program on September 22.

In Canada, foreign exchange market traders had a chance to take a look at ADP Employment Change report for August which showed that economy added 39,400 jobs compared to analyst consensus of 180,000.

Technical Analysis

usd cad september 16 2021

USD to CAD continues its attempts to settle above the resistance level at 1.2685. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

If USD to CAD manages to settle above 1.2685, it will get to the test of the next resistance level at 1.2710. A successful test of the resistance at 1.2710 will open the way to the test of the resistance at 1.2730. In case USD to CAD settles above 1.2730, it will head towards the next resistance at 1.2760.

On the support side, the nearest support level for USD to CAD is located at 1.2650. A move below this level will lead to a test of the 20 EMA at 1.2640. In case USD to CAD declines below the 20 EMA, it will head towards the next support level which is located at 1.2625.

For a look at all of today’s economic events, check out our economic calendar.

Why Beyond Meat Stock Is Down By 5% Today

Beyond Meat Stock Falls After Analyst Downgrade

Shares of Beyond Meat found themselves under pressure after Piper Sandler cut its price target for the stock from $120 to $95. Analysts stated that the company’s retail momentum lagged analyst expectations which warranted a lower target price.

Shares of Beyond Meat have been declining since early July when the stock failed to settle above the $160 level. The most recent earnings report beat analyst estimates on revenue but missed them on earnings. This report failed to provide support to the stock as the market was disappointed with the company’s third-quarter guidance.

At that time, Beyond Meat expected to report third-quarter revenue of $120 million – $140 million while analysts believed that the company’s third-quarter revenue would exceed $150 million. As the latest analyst action shows, worries about the third-quarter revenue persist and continue to put pressure on the stock.

What’s Next For Beyond Meat Stock?

Currently, analysts expect that Beyond Meat will report a loss of $1.14 per share in 2021. In 2022, the company is projected to report a loss of $0.42 per share. It should be noted that analyst estimates have been declining in recent months which is a not a good sign for a high-growth stock like Beyond Meat.

It should be noted that the stock traded as high as $221 at the beginning of this year when traders rushed to find the next “meme” stock, but Beyond Meat received little support at high levels and was in a downside mode for the most part of the year, except for a brief but strong rally in May – June.

It remains to seen whether the recent pullback will attract traders as the company’s third-quarter guidance was soft while earnings estimates continue to trend down. In addition, the stock suffered from several analyst downgrades in recent weeks. In this environment, Beyond Meat stock may gain additional downside momentum and get below the $100 level.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Daily Forecast – Silver Collapses As Dollar Gets To Monthly Highs

Silver Is Under Huge Pressure

Silver is currently trying to settle below the support at $22.90 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index gained strong upside momentum after Retail Sales report indicated that Retail Sales increased by 0.7% month-over-month in August.  Continuing Jobless Claims declined from 2.85 million to 2.67 million, which served as an additional positive catalyst for the American currency. As a result, the U.S. Dollar Index managed to get above the resistance at 92.80 and moved closer to the 93 level. In case the U.S. Dollar Index manages to settle above this level, it will head towards the resistance at 93.10 which will be bearish for silver and gold price today.

Meanwhile, gold managed to get below the major support level at $1775 and is testing the next support level at $1750. In case gold settles below this level, it will head towards the next support at $1720 which will be bearish for silver.

Gold/silver ratio is currently trying to settle above the 77 level. In case gold/silver ratio settles above this level, it will move towards August highs near 77.65 which will be bearish for silver.

Technical Analysis

silver september 16 2021

Silver has recently tried to get to the test of the support level at $22.60 but failed to develop sufficient downside momentum and remains in the $22.60 – $22.90 range.

In case silver declines below the support at $22.60, it will head towards the next support at $22.30. RSI remains in the moderate territory despite the huge sell-off so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If silver settles below the support at $22.60, it will move towards the next support at $22.30. A successful test of this level will open the way to the test of the support at $22.10.

On the upside, a move above $22.90 will push silver towards the resistance level at $23.20. In case silver manages to settle above this level, it will head towards the next resistance at $23.50.

For a look at all of today’s economic events, check out our economic calendar.

Stocks Retreat Despite Encouraging Retail Sales Report

Retail Sales Increased By 0.7% In August

U.S. has just released Retail Sales report for August. The report indicated that Retail Sales grew by 0.7% month-over-month in August compared to analyst consensus which called for a decline of 0.8%.

While the Retail Sales report exceeded analyst estimates, it should be noted that the previous report for July was revised from -1.1% to -1.8%, which partially explains the big difference between August’s actual Retail Sales and analyst estimates.

Continuing Jobless Claims Declined To 2.67 Million

U.S. has also released Initial Jobless Claims and Continuing Jobless Claims reports. Initial Jobless Claims report indicated that 332,000 Americans filed for unemployment benefits in a week compared to analyst consensus of 330,000. Continuing Jobless Claims decreased from 2.85 million (revised from 2.78 million) to 2.67 million compared to analyst consensus of 2.78 million.

S&P 500 futures remained under pressure in premarket trading despite encouraging data on Retail Sales and Continuing Jobless Claims. It looks that traders continue to take some profits off the table while S&P 500 remains not far away from historic highs. In this environment, the market will need additional upside catalysts to get back to all-time high levels.

WTI Oil Pulls Back After Rally

WTI oil has recently made an attempt to settle above the resistance level at $72.50 but failed to develop sufficient upside momentum and pulled back.

Yesterday, EIA released its Weekly Petroleum Status Report which indicated that crude inventories decreased by 6.4 million barrels compared to analyst consensus which called for a decline of 3.5 million barrels. U.S. domestic oil production increased from 10 million barrels per day (bpd) to 10.1 million bpd, which was also bullish for the oil market as oil production remained well below pre-hurricane levels.

However, it looks that some traders were ready to take profits after the upside move which took WTI oil from $67.50 to $73, so oil found itself under pressure.

For a look at all of today’s economic events, check out our economic calendar.

Bitcoin Is Moving Towards $50,000

Bitcoin Stays Strong

Bitcoin managed to get above the resistance at $48,000 and continues to move towards the psychologically important $50,000 level. Meanwhile, Ethereum climbed above the resistance at $3,600 and is trying to gain additional upside momentum.

Smaller cryptocurrencies like Dogecoin or XRP failed to develop material momentum, and it looks that traders interest is concentrated in Bitcoin and Ethereum today.

Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is stuck near 41%. Bitcoin’s recent rebound failed to provide significant support to Bitcoin Dominance which indicates that traders’ interest in altcoins remains strong.

Technical Analysis

bitcoin september 16 2021

Bitcoin continues to move higher and is trying to settle above the resistance level at $48,000. RSI remains in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A successful test of the resistance at $48,000 will open the way to the test of the next resistance level at $50,000. In case Bitcoin gets above the key resistance at $50,000, it will attract more speculative traders and head towards the next resistance level which is located at $51,500.

A move above the resistance at $51,500 will open the way to the test of the resistance at $53,000. If Bitcoin manages to settle above the resistance at $53,000, it will move towards the next resistance level at $55,000.

On the support side, Bitcoin needs to get back below $48,000 to have a chance to develop downside momentum in the near term. The next support level for Bitcoin is located at the 20 EMA at $47,300.

If Bitcoin declines below the 20 EMA, it will head towards the support at $46,000. A successful test of this support level will lead to a test of the support at the 50 EMA at $45,500. If Bitcoin declines below the 50 EMA, it will continue its downside move and head towards the support level at $44,000.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Daily Forecast – U.S. Dollar Gains Ground Ahead Of Retail Sales Data

Euro Is Losing Ground Against U.S. Dollar

EUR/USD is currently trying to settle below the support at 1.1800 while the U.S. dollar is gaining ground against a broad basket of currencies.

The U.S. Dollar Index has recently managed to get above the 20 EMA at 92.60 and is moving towards the next resistance level at 92.80. In case the U.S. Dollar Index gets to the test of this level, EUR/USD will find itself under more pressure.

Yesterday, EU reported that Euro Area Industrial Production increased by 1.5% month-over-month in July compared to analyst consensus which called for growth of just 0.6%. On a year-over-year basis, Euro Area Industrial Production grew by 7.7% compared to analyst consensus of 6.3%. The report exceeded analyst expectations but failed to provide significant support to euro.

Today, foreign exchange market traders will focus on U.S. Retail Sales report for August which will indicate how consumers reacted to the continued problems with the Delta variant of coronavirus. Analysts expect that Retail Sales declined by 0.8% month-over-month.

Technical Analysis

eur usd september 16 2021

EUR/USD declined below the support level at 1.1800 and is trying to develop additional downside momentum. The next support level for EUR/USD is located near the recent lows at 1.1775.

In case EUR/USD manages to settle below the support at 1.1775, it will move towards the next support at 1.1750. RSI remains in the moderate territory, and there is plenty of room to develop downside momentum. A successful test of the support at 1.1750 will open the way to the test of the next support at 1.1720.

On the upside, EUR/USD needs to get back above 1.1800 to have a chance to develop upside momentum in the near term. The next resistance level is located at the 20 EMA at 1.1810.

A successful test of the resistance at the 20 EMA will push EUR/USD towards the 50 EMA at 1.1820. If EUR/USD gets above this level, it will get to the test of the next resistance at 1.1830.

For a look at all of today’s economic events, check out our economic calendar.