James Stanley

USD/CAD finished the year above 1.4000 for the first time since 2002. Threats of tariffs from President-elect Trump have had a big impact in USD/CAD, but this can also bring risk to the U.S. side of the equation.

Gold gained 27.23% in 2024, the strongest yearly gain since 2010. But the prior episode led to a significant top in 2011 as gold prices then went nine years without a fresh ATH.

EUR/USD is opening 2025 with a fresh two-year-low as sellers extend the bearish trend that started earlier this week. Parity is an obvious point of interest but there’s a big spot of possible support along the way at the 1.0200 handle.

Stocks continued with strength in 2024 and with a market-friendly administration taking over in the United States, the backdrop is open for continuation of equity gains.

It was a brutal Q4 for EUR/USD as the pair had its most bearish quarterly outlay since Q3 of 2022. But – that prior instance marked a key low and the final month of Q4 showed a higher-low in the pair.

It was a banner year for gold prices which are currently showing a 26% gain for 2024 – but it was the 40% rally from February into October that dominated the narrative for gold prices this year.

USD/CAD is closing out its strongest year since 2015. But that prior episode led to a mean-reverting market that held for the next nine years.

For a couple months the carry trade in USD/JPY unwound as volatility spiked around-the-world. But even with the Fed holding in a cutting posture, the carry trade came back in Q4.

USD/CAD has found resistance just inside of the 1.4200 handle but the looming threat of tariffs from the U.S. has produced ‘major new uncertainty’ for Canada and investors have responded by continued selling of CAD.

Gold bulls have pressed the trend over the past week and a big spot sits overhead, plotted $100 above last week’s range support.

The US Dollar showed a strong support bounce since last Friday’s NFP report, setting the stage for resistance tests into tomorrow’s CPI and next week’s FOMC.

JPY strength ran into the December open but since USD/JPY and EUR/JPY set fresh lows last Tuesday, prices have been pulling back.

The British Pound continues to recover against the US Dollar after a brutal start to Q4, but can GBP/USD turn this into anything more than a pullback?

Gold prices were on fire earlier in the year and then took a step back after the Presidential election. But for the past two weeks gold markets have been in a consistent range-bound backdrop.

USD weakness showed in the immediate aftermath of the NFP print, with the 105.44 level coming in to help hold support. EUR/USD is now testing resistance while USD/JPY trades below the 150.00 level.

While the headlines out of Europe have been largely negative, price action in the Euro hasn’t quite matched that pace. EUR/USD continues to push-higher while holding 1.0500 and EUR/JPY has pulled back from the early-week sell-off.

Silver prices have put in a strong bounce this week following last Friday’s hold of higher-low support at a key spot on the chart.