Canadian dollar (USDCAD) stuck in a range
The Canadian dollar (USDCAD) looks for further direction as price action remains stuck sideways. The pair remains in a long-term consolidation as 1.3770 is an important support to prevent prices from breaking lower. On the flip side, a break above 1.3880 could pave the way for a potential extension towards 1.3950. The RSI’s neutral stance remains clear as traders await the first signal from this consolidation breakout.
USDJPY looking for direction
The US dollar edged lower after a brief snap to the upside, and over 300 pips were added to the value of the pair. Prices have seen stiff buying for the past few weeks, and this began a bullish rally. However, a fall below the immediate support at 144.70 might give short-term bulls a signal to realise their profits, driving the quote lower. 143.50 is a new daily support, which coincides with the base of the recent bullish momentum, making it a critical floor.
GER40 peaks higher
The Dax GER40 continues its bullish run as prices lift to another fresh high. A close above 23000 shifted sentiment further and could now expose the psychological level of 25000. On the downside, 22400 at the previous swing low is a major level to test the resolve. As the RSI remains in the overbought area, traders will be expecting a downturn at some point. If prices can hold at 23000, the bullish rally could continue.