By Orbex
USDCAD capped by key resistance
The Canadian dollar recovered after a rise in the August CPI.
The previous attempt to break below 1.2500 has put the bulls under pressure. The rebound met offers at 1.2760 when the RSI was in an overbought situation. A bullish breakout would send the price to the peak around 1.2900.
On the downside, 1.2600 is fresh support as buyers try to hold onto recent gains. Its breach could force them to abandon ship and trigger a sell-off to 1.2500, which would be the ultimate test of the bulls’ commitment.
NZDUSD seeks support
Free Reports:
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
The New Zealand dollar inched higher after the Q2 GDP beat expectations.
The bulls are looking to consolidate their gains after they cleared the daily resistance at 0.7100. A bullish MA cross on the daily chart indicates a bullish bias. However, the kiwi’s struggle to stay above 0.7100 is a sign of overextension in the short term.
A controlled pullback is necessary to gather momentum after a rebound stalled at 0.7150. 0.7055 is the immediate support. Then the psychological level of 0.7000 is a crucial floor.
USOIL rally gains momentum
WTI crude shot higher after the EIA reported a large drop in US inventories.
A bullish MA cross on the daily chart suggests that sentiment has turned positive. After a brief consolidation, price action has lifted the psychological level of 70.00, turning it into fresh support.
As the upward momentum picks up speed, the oil price is heading to 74.10. The quick recovery would put the August sell-off behind and resume the 17-month long rally. A limited retracement may occur as the RSI inches into the overbought area.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- The ceasefire between Israel and Lebanon has reduced the geopolitical premium Jun 5, 2026
- EUR/USD: All Eyes on Non-Farm Payrolls Jun 5, 2026
- The escalation of the conflict in the Middle East put pressure on US and European stock indices Jun 4, 2026
- Gold Remains Under Pressure, but a Rebound Is Still Possible Jun 4, 2026
- Bitcoin drops below the psychological $70,000 level. The US stock indices hit new record highs Jun 3, 2026
- EUR/USD on Edge as Markets Await Key Employment Data Jun 3, 2026
- Oil prices surged again amid rumors of a freeze in diplomacy between the United States and Iran Jun 2, 2026
- GBP/USD in a State of Uncertainty: Risks Remain, but Market Reactions Are Muted Jun 2, 2026
- The US stock indices once again finished the trading session at new all‑time highs Jun 1, 2026
- USD/JPY Approaches 160.00: Is Another Intervention Coming? Jun 1, 2026
