EURUSD moves higher
The Euro pushed higher after Friday’s inflation data came in mixed. The pair is looking to confirm a break above 1.1700. Clearing this psychological zone would move prices towards the recent peak at 1.1730. On the flip side, drop lower after this current spike needs a 1.1600 break before a retracement to the downside can progress further
USDCAD continues the consolidation
The greenback attempts to show its superiority as price action looks poised to break above the 1.4000 level. A jump above the daily resistance of 1.4050 would dent the bearish mood, forcing more sellers to exit and wait for signs of stabilisation. With the RSI becoming increasingly indecisive, this could be a sign of exhaustion as the pair consolidates. 1.3970 at the bottom of the channel is the first support; otherwise, the pair could be subject to a more sustained rally to move towards 1.4100.
XAUUSD tests support
Gold inches lower as sellers enter the market amid the downturn. The price has gained some strength after the latest inflation data and is poised to test a key resistance level at 4100. Another push higher could end the previous bearish rhetoric and resume the uptrend in the coming weeks. In the meantime, short-term bulls could face their first test if the rally takes a breather. 4050 is the closest support, and 4000 is a significant level for the yellow metal to stay afloat.
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