Forex Trading Library

Intraday Analysis – CAD Attempts Another Push

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USDCAD looks for triple topUSDCAD-chart-26-1-2024

The Canadian dollar slipped against the greenback after the BoC paused its rate increases. The pair is seeking to confirm a break above the 1.35 handle. After hitting slight resistance at the said level, the short-term price action looks to reverse and test the support of 1.3450. Its breach would send the greenback to the critical floor at 1.34. On the upside, 1.3560 is the first hurdle to test the previous double top towards 1.36, despite a bearish divergence on the RSI developing.

EURAUD holds onto gainsEURAUD-chart-26-1-2024

The Australian dollar climbed after PMI data exceeded expectations. The euro turned south after spiking above 1.6650 in recent sessions. This suggests that the medium term bias still favours a move lower. A break below 1.6575 has invalidated the latest bounce and confirmed pessimism on the higher timeframe. The RSI’s overbought nature has gathered limited support, and a further sell off needs a 1.6450 break to move back to January lows.

USOIL pushes through barrier

WTI crude adds to its bullish attitude as inventories show a smaller buildup. The price action is grinding last December’s high above 77.00 as the symmetrical triangle breach could trigger an extended rally in the medium-term. 76.00 will be the first hurdle, and a move past 76.65 will confirm the rally. A drop back into the channel could see prices move back to 73.25, which sits just below the 20-day moving average and is crucial to keep the price afloat.

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