(UK100)FTSE hits a fresh peak
Global equities continued to push higher as tech stocks look to extend their rally. The (UK100)FTSE moved towards a fresh high after clearing and advancing away from the 9200 level. A combination of short-covering and buying the dips could help the price remain above 9300, as this is where the first real test comes in. A bearish reversal would attract those who are still indecisive. Otherwise, the index could fall back towards 9260 or lower.
USDCAD tests major support
The Canadian dollar advanced as Jerome Powell surprised investors with a much more dovish tone at the Symposium. The pair has turned south at 1.3900 from a previous lengthy bullish upswing. This is a sign of relief for trapped buyers, but it might not be enough to renew interest in the greenback. A slide below the immediate support of 1.3820 will show a lack of follow-through bids. 1.3800 is a critical floor and could cause a deep correction unless the price holds onto the 1.3850 level.
NZDUSD breaks higher
The US dollar plunged across the board as the greenback met stiff selling pressure, as bulls took some profits home. More buyers could join the game as the RSI’s neutral condition could cause a brief pullback. The psychological level of 0.5900 is an important hurdle, and its breach could lay the groundwork for a recovery in the near term. On the flip side, 0.5830 is a significant floor if the pair wants to stay afloat.
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