USDCAD tests major support
The Canadian dollar advanced over the greenback after CPI data almost confirmed the Fed will cut rates in September. The pair has turned south at 1.3740 from a previous lengthy consolidation on the chart. This is a sign of relief from trapped buyers but might not be enough to renew interest in the greenback. A slide below the immediate support of 1.3650 showed a lack of buying interest in the pair. 1.3580 is a critical floor; on the upside, 1.3700 is the first hurdle to be lifted.
NZDUSD looks for reprieve
After further moderation in June’s CPI, the US dollar bounced across the board. The Kiwi previously met stiff selling pressure at the mid-June peak of 0.6220 as buyers closed some profits. More buyers could join the game as the RSI’s oversold condition could cause a brief pullback. 0.6140 is a vital resistance hurdle, and its breach could lead to a recovery in the medium term.
UK 100 continues chopping grind
The FTSE and most global equities found relief in sustained signs of cooling the US inflation. The index jumped back after the sell-off came to a rest near the recent low of 8150, and a bullish RSI divergence indicated that the downward pressure was waning. Combining short-covering and buying-the-dips has helped the price recover some lost ground. The first real test comes in at the recent false spike 8280, and a bullish breakout would attract those still indecisive. Otherwise, the index could fall back to 8140 or lower.
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