Intraday Analysis – CAD Bounces as BOC Cuts Rate

USDCAD pushes higher

The Canadian dollar spiked as the BOC became the first G7 nation to begin cutting rates. A jump towards 1.3740 confirmed a triple top before price action moved lower. The psychological level of 1.3600 on the daily chart is critical to keep the greenback afloat, as its breach would expose a fresh low and a possible bearish reversal to 1.3520. 1.3720 is the first resistance, and then bulls must clear the supply zone around 1.3810 before a rally can take hold.

XAUUSD hits resistance

Gold slides as sentiment takes another turn after another fresh high. Some buyers have opted out for now as the price continues to give up gains from the recent $70 rally. A limited bounce has met intense pressure at 2370, and a fall below 2330 would trigger a new round of sell-off to the critical support at 2300. 2390 is a fresh resistance for bulls to clear before they can hope for a recovery.

USOIL begins to bounce back

WTI sees bulls moving in after bouncing over $2 to the upside. The price has found support at the psychological level of 72.00 at the base of the latest breakout rally. The bounce suggests that buyers could have made their way back after prices fell from the 80.00 level. A break above the previous swing high of 74.40 could attract momentum buyers and put the commodity on a bullish trajectory, with 76.00 as a potential target. On the downside, a slip below 73.00 would again expose the recent low.

Test your trading strategy on forex and stocks with Orbex

OPEN LIVE ACCOUNT

The post Intraday Analysis – CAD Bounces as BOC Cuts Rate appeared first on Orbex Forex Trading Blog.