GBPUSD looks for support
The GBPUSD, like many of the dollar’s competitors, continues to lag as hot inflation increased the chance of a rate hike.
- The GBPUSD is looking to find a bottom after the recent downward progression.
- However, with traders buying the dip, this could trigger a bounce at 1.3340, which becomes a critical support.
- A close above 1.3400 would extend the rebound towards 1.3500.
- A bullish breakout could open the door to a sustained recovery.
USDCAD hits multi-month high
The Canadian dollar slid further as price action aims towards another multi-month high at 1.4200.
- A clean break above 1.4100 forced sellers to cover, fuelling the bullish momentum.
- With a potential bullish continuation in the days to come, the pair could add another 50 pips.
- 1.4135 is now a fresh support if a reversal materialises, as 1.4000 is a psychological bottom.
US 30 looking for momentum
The Dow remains subdued after failing to recapture its recent high.
- With sentiment cautious, a bounce above 52600 could give bulls the push for a fresh peak.
- 52000 is a fresh support, and its breach could lead prices back towards the 50900 floor.
- A break higher could continue the recent bullish rally towards 53800.
