The Canadian Technician

US Dollar Continues Higher

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The US Dollar is trying to hold above the down-sloping trend line to end the week. This is the one-year view.

Looking at the UUP to see Friday's action, the Dollar is pulling down hard, but still looks to close above the downtrend on the chart above.

One of the oddities right now is that the commodities, like copper and crude, continue to push higher despite the US Dollar moving higher.

Here is Copper:

And here is Crude Oil. Oil moved to 52-week highs this week:

As the economy continues to develop with vaccinations surpassing COVID-19 infections this week, it continues to be a positive picture for the 2nd quarter to accelerate.

I continue to like the breakouts in the commodity-related trades. I highlighted the oil names in the USA on the Market Buzz this week. Watch below:

Market Buzz

Stay safe and have a nice weekend!

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst, StockCharts.com
Author, Stock Charts For Dummies


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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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