Intraday Market Analysis – USDCAD Struggles to Bottom Out

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USDCAD reaches a 3-year low

usdcad

The US dollar remains under pressure as low ADP labor data does not impress the market. General sentiment remains bearish as the pair grinds to the 30-day moving average.

The price action will soon test the low February 2018 1.2250. The recent bounce to 1.2350 indicates that vendors may be taking some chips off the table.

A recently over-purchased RSI may have prevented bidders from entering the stock. Traders can be expected to buy the dip when the dollar reaches the aforementioned support level.

EURGBP is testing key support

eurgbp

The euro weakened after PMI in Germany and France came out under consensus. The pair struggled to clear the main supply area around 0.8720 on the daily chart.

The triple top controlled price performance, suggesting that profits took hold due to the lack of further commitment from the buyer.

0.8590 is key support, as a bearish boom could make the euro vulnerable to the downside.

On top, 0.8688 is the immediate resistance of the latest sale.

USOIL rises above major resistance

use

WTI crude price consolidates gains as U.S. inventories drop another 8M barrels. Clearing the resistance at 66.30, a significant level of the previous selling price acted signaled a bullish continuation.

March high at 67.90 it would be a formality as the rally gains momentum. However too much bought RSI shows signs of over-extension.

There is a limited downside risk if trend followers expect to retire to embark. 65.00 would be the first support to be sought.

Below 62.90 is critical to maintaining unwavering optimism.

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