USDCAD slides lower
The Canadian dollar benefited from a weak greenback as prices fell from their recent peak. The pair searches for support after its recent rally saw price action pop above the 1.3900 level, but it has since fallen through this zone. A breach at 1.3830 could trigger a deeper correction towards December’s low near 1.3660. The latest fade at 1.3880 is the first hurdle to clear, and 1.3920 is key resistance before another rally.
USOIL struggles to bounce
WTI attempts to break the previous high of 59.50 to gain some traction going into the new year. The recent climb above $4 hit resistance, suggesting sentiment remains cautious, with sellers looking to double down. 58.80 is an important level to maintain the latest higher high patterns, should buyers make their way back. Otherwise, the price could sink below 58.00, invalidating the current recovery. On the upside, a confirmed break back above 59.00 would ease the burden and create more bullish sentiment.
GER 40 testing all-time high
The Germany’s DAX looks poised to advance as appetite for investing in equities continues across the board. Even though a pullback has ensued due to events surrounding Jerome Powell, the index is aiming for an all-time high above 25300. However, with the RSI bouncing from the overbought area, a pullback might be due to give the potential rally some breathing room. 25100 is a fresh support level, and the psychological level of 25000 could prevent short-term trend followers from exiting the market, potentially pushing the index higher.
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