James Stanley

USD/CAD put in a massive spike last week after a threat of 25% tariffs on Canada, but when that move pulled back buyers continued to hold support at the key level of 1.4000.

The US Dollar finally pulled back from its aggressive Q4 breakout move, and this was fueled by the strongest weekly outing in EUR/USD in two years with last week’s bounce.

Both USD/JPY and EUR/JPY have sold off over the past week and with the BoJ policy review expected in a couple of weeks, Yen-strength scenarios seem to be gaining steam.

Gold just finished its worst month in more than a year, and Bitcoin was a big beneficiary as anti-fiat flows drove into crypto-currencies following the Presidential election win of Donald Trump.

USD/JPY bears have gone to work over the past two weeks, holding a lower-high even as USD spiked last Friday. And then forcing a breakdown from the descending triangle formation to test below the 151.95 level.

Last week was the strongest weekly outing for gold since the regional banking crisis in 2023; but gold’s nine-month streak of gains is at risk as the metal finally pulled back in November.

It’s been a fast-evolving market since the Presidential election three weeks ago. But stocks remain higher, Bitcoin has put in a major move and gold is on its back foot.

USD/JPY set a lower-high last week even as DXY spiked up to a fresh two-year-high. And there’s now a short-term descending triangle formation setting up in the pair.

SPX has a sizable gap sitting below current price action and the top of that zone came into play for four consecutive days, while remaining well defended by bulls ahead of this week’s test of 6k.

The Euro continued it’s Q4 descent against the US Dollar but it’s the recent build of bearish price action in EUR/JPY that’s of interest going into next week.

USD/CAD tested above a major level last week of 1.4000, which hadn’t traded in more than four years. So far this week sellers have sunk price back below that level, but can they hold it into week and month-end?