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Andreas Zanin
Analysis | March 16, 2021

KTM Daily: Chart patterns- USDCAD, US VIX and Palladium

USDCAD:

Continues its deceleration trend and now losing the key medium on the monthly chart, it is 100MA. Ahead of the month-end and quarter-end, one should focus on the near-term support levels. 1.2250 and 1.2050 are the level we are focusing on. Since December 2020, daily 14-RSI is indicating a positive divergence.  However, we stay neutral and watch how the price action developing between 1.2200-1.2050 levels.

XPDUSD (Palladium):

Back-to-back gains push the Palladium price through the $2500 level but failed to close above the strong supply zone of $2480-$2512. We strongly believe the price action would march higher towards February 2021 high. Initially, we forecast the bullish pattern on February 15, 2021 finally it is happening now. A move below $2177 would erase the current bullish bias.

Wait for a clear breakout above the ascending trendline as shown on the below chart.

VIX: 

The volatility index dropped to 23, its lowest level since December 2020. A move below 22 is required for a more bullish grip and smooth market sentiment.

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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