USOIL (Crude WTI) tests support
Crude WTI hit a new low to test October’s price zone at 66.80. On the chart, the price was consolidating after another downward shift saw over $4 wiped off the value in recent sessions. While sentiment remains upbeat in the medium term, the previous support-turned-resistance of 68.00 has proved to be a challenging level to crack, prolonging the correction. 65.50 at the bottom of the recent rally is a vital floor to maintain, as a breakout could trigger a sell-off towards 60.00. 69.20 is the hurdle to clear to ease the pressure at the previous swing high.
USDCAD continues climbing
The Canadian dollar continues to struggle against its neighbour as price action marches higher. The pair has capitalised on its bounce at 1.3940, and a close above 1.4050 indicates that bulls remain in control. As the RSI ventures into the overbought area, limited profit-taking could send the pair lower to its fresh support at 1.4000. Failing that, then multi-year highs towards 1.4180 are in sight.
UK 100 attempts to rebound
The FTSE inched higher on news that the economy performed better than expected in the latest reading. A drop below the daily support of 8200 invalidated the rebound attempt from early October, putting buyers on the defensive. The price crawling up is a sign of short-term sellers taking profit. 8100 is the immediate resistance, and only a break above 8280 would improve the market mood. On the downside, a fall below 8000 would lead to a new round of sell-off.
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