Intraday Analysis – CAD looks for recovery

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18092704/Intraday-Analysis-CAD-looks-for-recovery.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-Analysis-CAD-looks-for-recovery" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18092704/Intraday-Analysis-CAD-looks-for-recovery.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18092704/Intraday-Analysis-CAD-looks-for-recovery-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDCAD ignoring bearish divergence<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-215863" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24.png" alt="USDCAD-CHART-18-1-24" width="1407" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24.png 1407w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24-300×186.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24-1024×635.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093134/USDCAD-CHART-18-1-24-768×477.png 768w" sizes="(max-width: 1407px) 100vw, 1407px" /></a></h2>
<p>The Canadian dollar continues to lose ground to a resurgent greenback. The pair has moved over 200 pips since the start of the year. A break at the 1.34 level led to another rally, with 1.35 becoming support. A close above the immediate hurdle at 1.3540 would attract more intraday interests and carry the price towards the previous double top at 1.36. Stiff selling could be expected from there as a bearish divergence could come into play.</p>
<h2>NZDUSD looks for support<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-215864" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24.png" alt="NZDUSD CHART 18-1-24" width="1407" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24.png 1407w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24-300×186.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24-1024×635.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093200/NZDUSD-CHART-18-1-24-768×477.png 768w" sizes="(max-width: 1407px) 100vw, 1407px" /></a></h2>
<p>The Kiwi consolidated before a break below 0.62 confirmed a bearish rally. The sell off revealed a lack of momentum as the price inches towards the supply zone around 0.61. Its breach could pave the way for a bearish continuation below 0.6065. Otherwise, bulls could take over in the near term. 0.6130 is an area of congestion and its break would shake some sellers out. In addition, the recent bullish divergence on the RSI could increase prices with 0.6145 being the first target.</p>
<h2>UK 100 bears move in<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-215865" src="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24.png" alt="UK100-CHART-18-1-24" width="1407" height="873" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24.png 1407w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24-300×186.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24-1024×635.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2024/01/18093222/UK100-CHART-18-1-24-768×477.png 768w" sizes="(max-width: 1407px) 100vw, 1407px" /></a></h2>
<p>The FTSE 100 plunged lower as an uptick in inflation saw a sell off on the index. The index has collapsed on the chart after breaking the previous support at 7600. A slight bounce in price action could ensue with the RSI in oversold territory. 7430 is the first support to see whether bulls can sustain their bids at these fresh levels and push to 7490. A continuation lower could trigger broader profit-taking and possibly mean a decline towards 7350.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2024/01/intraday-analysis-cad-looks-for-recovery">Intraday Analysis – CAD looks for recovery</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>