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USDCAD UPDATE
- An outperformer (CAD underperforming) so far this year with the pair extending its 2026 high, but so far with limited follow through.
- This leaves 1.38 as the obvious pivotal and bias setting level although only back below 1.3745-55 support would deflect the focus from it.
- Resistance: Intra-day high at 1.,3827 blocks exposing 1.3871.
- It’s early in the day but currently a red candle after 6 consecutive daily (up) green candles.
- Note, one weight on the CAD may the prospect of Venezuela heavy oil on the market in competition with a similar grade produced in Canada.
USDCAD DAILY CHART
Newsquawk Daily US Opening News
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USDX (US DOLLAR INDEX)
- 2026 range: 98.19-98.91
- Using USDX as a proxy for the EURUSD (57.6% of the index), a break of its 2026 range at 1.1660-1.1743 would be needed for USDX to challenge either side of its range.
- Chart shows an attempt to build up momentum that would need to break 98.73 to do so.
USDX 4 HOUR CHART
Only a short-lived reaction to EU inflation
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XAUUSD (GOLD) UPDATE
- There are times when a key psychological or as I like to say key pivotal big figure (round number) can be more significant than a technical point. This was one of those times overnight where a tepid test of 4500 was quickly repelled.
- Uptrend is still intact with 4442 (tested) needing to hold to keep momentum pointed at 4500 and above.
- Fallback support 4427 and 4395.
XAUUSDÂ 4 HOUR CHART
Forex Market Snapshot
- The dollar has traded a quiet session, currently close to unchanged, JPY a slight over performer, as the market awaits US data (ADP jobs, ISM Services PMI, JOLTS).
- EURUSD extended its trade around 1.17 to 3 days in a row.
- GBPUSD extended its trade around 1.35 to 4 days in a row (each day this year)
- USDJPY has slipped a touch but remains within its range.
- Gold has backed off from 4500
- US stocks have slipped back a touch overnight.
- As I have been saying, how markets end the first full trading week of the year will be more important than how it starts out.
- Wild cards are a Supreme Court ruling on the legality of tariffs as early as Friday and Trump announcing his choice for a new Fed Chair, which could come at any time.
Busy Economic Calendar on Wednesday
Australian CPI (Nov), German Retail Sales (Nov), Unemployment (Dec), Chinese FX Reserves (Dec), EZ Flash HICP (Dec), US ADP (Dec), ISM Services (Dec), JOLTS (Nov)
Newsquawk US Market Wrap
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XAUUSD (GOLD) UPDATE
- Precious metals remain disconnected from risk on/risk off with XAUUSD having only the psychological 4500 level standing in the way of the record 4549 high.
- Anything other than a new record high would be a disappointment to the GOLD bulls.
- In any case, keeps a bid while above 4427.
XAUUSDÂ 4 HOUR CHART
Market Update
Forex: USD catching a bid but remains within its 2026 ranges as the first few days of the new year have been filled with false starts rather than sustained moves. Look for EURUSD 1.17 to be a focal point and a USD bias setting level.
US Stocks: Trading firmer with US500 eyeing its record 6943 high (while above 6900) and NAS100 trying to join in but still facing obstacles on the upside (scroll down to see levels).
XAUUSD: Extending its high to 4491. Look for 4500 to be pivotal in determining whether this move will challenge the record 4549 high.
BTCUSD: Trying to follow the NAS but so far unable to break out of 92-95K to build further momentum to the upside.
Breaking News
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NAS100 (NASDAQ) UPDATE
- NAS trying to shake off the tech concerns and join the party.
- To give it a momentum boost that would put the record 26274 high on the table, 25596, 25714 and 25842 would need to be taken out.
- Keeps a bid currently while above 25260=335.
- Only sub-25000 would force bulls to run for cover.
NAS100 4 HOUR CHART
Data not a market mover… US stocks up independent of the data
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Not an FOMC voter but another Fed Gov talking about funds rate close to neutral
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EURUSD briefly trades through 1.1700 on tame German inflation (met with buyers)
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Newsquawk Pre-Market Movers
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