January 20 2022
USDCAD found buying interest sub 1.2490, however since Tuesday’s failed rally, the upside has been limited to 1.2520/30.
The US Dollar really needs to break back above 1.2520 to test target 1.2560/70, otherwise another dip to 1.2450 seems increasingly likely.
The AUD is trying to break up this morning targeting 0.7270/80 resistance. However, any loss of momentum or a break of 0.7220/10 would signal a failure and see another drop to test 0.7170.
The failure for the NZDUSD to break back above 0.6820 has increased downside pressure.
After the upside failure we should expect an attempt to break support at 0.6740/30, if broken then expect more weakness to 0.6690/80. Only a break above 0.6820 lifts the gloom and points to more gains to 0.6860.
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