USDCAD(The Canadian Dollar) drops 100 pips
USDCAD(The Canadian Dollar) picks up gains against its neighbour as prices look for support.
- The major support of 1.4200 was easily broken thanks to yesterday’s NFP data, with 1.4180 on the horizon.
- A bearish breakout has forced buyers to bail out and triggered a move towards 1.4150, putting a dent in the bullish bias in the medium term.
- 1.4200 is fresh resistance, and 1.4280 is a key obstacle to lift before the US dollar can turn sentiment around.
EURGBP euro under pressure
The Euro was licking its wounds as the pound continues to dominate across the board.
- Prices hit another low as a lack of buying interest left the door open for momentum selling, triggering a new round of selling.
- 0.8540 is the next stop, with an oversold RSI likely to attract some dip buyers.
- However, as sentiment turns, bulls will hope the first resistance of 0.8600 can be broken to relieve some pressure.
UK 100 finds support
The FTSE saw another push towards the 10600-level as indices bounced higher.
- A bearish reversal would prompt buyers to cover to ease the upward bias.
- Exhaustion in the current rally sees 10450 being the first firm support.
- As a bearish divergence opens up on the RSI, 10300 is an important level to prevent a broader liquidation
