USDCAD at a crossroads
The greenback continues to gain ground over an underwhelmed Canadian dollar. The pair has moved over 100 pips since the pair rallied above the 1.3600 zone. A brief bounce and a close above the immediate hurdle at 1.3660 would attract more intraday interest and carry the price towards the previous peak at 1.3700. However, stiff selling can be expected if sellers remain in the market, and a pullback could run deeper towards 1.3500.
NZDUSD consolidating
The Kiwi was in consolidation mode after a break above 0.6000 confirmed a previous bullish rally. The current price action suggests a lack of momentum, as the pair has failed to lift above 0.6060. Should buyers maintain control, a breach at the said hurdle at 0.6060 could pave the way for a bullish continuation towards 0.6100. On the flip side, 0.6000 has become the new support, with 0.5950 waiting on the horizon.
UK 100 hits another peak
The FTSE (UK100) Index pushed higher after the latest unemployment figures. On the chart, the index has remained bullish after breaking the previous resistance at 10460, which has now become the first support. Bulls will see if they can sustain their bids at these fresh levels to test above 10530. However, with the RSI in overbought territory, a slight price decline could ensue. A continuation lower could trigger broader profit-taking and possibly mean a decline towards 10300 at the previous bottom.
Trading the forex market requires extensive research, and that’s what we do best.