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Weekly Currency Market Price Action Forecast for Sept. 1-5

The U.S. dollar/Canadian dollar forms a fakey buy signal from support.

Last week, the USDCAD completed a 50% retrace of its last major move higher. It ended this retrace by forming a bullish fakey with pin bar buy signal. This fakey/pin bar combo signal is showing rejection of both the 50% level and support near 1.0820. Thus, if price remains buoyant this week, we could see it begin pushing higher from Friday's buy signal.

usdcad-september-1-2014

Gold weakness remains.

Gold retraced modestly higher last week, but overall we are still seeing a clear downtrend in place on the daily chart over the last month and a half. Last Friday, the price formed an inside bar setup, indicating that the recent retrace higher is stalling and losing momentum. If the price breaks down from Friday's inside bar this week, we could see the downtrend resume and lower prices to follow.

gold-september-1-2014

Read more about Nial Fuller, or follow him on Google + , Twitter or Facebook.

Copyright 2014 -- LearnToTradeTheMarket.com

At the time of publication, the author held no positions in any of the stocks mentioned. Nial Fuller

Follow @NialFuller

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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