Forex Trading Library

Intraday Analysis – CAD Begins Turnaround

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USDCAD eyes bearish divergence

USDCAD

The Canadian dollar witnessed an uptick after bouncing away from the 1.32 level. From the chart perspective, the pair is looking to complete a V-shaped recovery back to 1.36. As 1.33 becomes firm support, it has now entered a narrower range. A close above the immediate hurdle at 1.3370 would attract more intraday interest and carry the price to the support-turned-resistance at 1.34.

NZDUSD looks to rebound

NZDUSD

The New Zealand dollar has seen over 100 pips wiped off its value. The pair now consolidates just above the former resistance of 0.62. The choppy rise reveals a lack of momentum as the price inches towards 0.6250 with a recent bullish divergence. However, bears could take over in the near term. 0.6215 is an area of congestion, and a break here could send the kiwi to the latest daily low at 0.6180.

UK100 keeps the high ground

UK100

The FTSE 100 remains bullish as stocks started the year positively. The index shows no sign of slowing down on the chart, as the 7700 handle was broken. Any signs of a slowdown first need 7670, as this becomes the first support. A bearish breakout after that could trigger broader profit-taking and possibly mean reversion towards 7600.

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