Intraday Analysis - Monday, July 6

USDCAD remains undecided

The Canadian dollar seeks guidance as the recent choppy price action has seen the pair fall away from the 1.4250 peak.

• A jump towards the said area confirmed a double top before prices moved lower.

• The next level at 1.4150 on the daily chart is a critical floor to keep the greenback afloat.

• A breach lower would expose a possible bearish reversal towards 1.4080.

• 1.4250 is the first resistance, and then bulls must clear 1.4280 before a rally can take hold.

XAUUSD(the gold) sinking lower

XAUUSD(the gold) pushes higher as sentiment takes another turn after another fresh high.

• As the price continues to claw back gains from last month’s downturn, some sellers have opted out for now.

• The weekend gap has met strong pressure at 4190, and a push higher could trigger a new round of buying to the critical 4360 top.

• 4100 is a fresh support for bears to clear before they can hope for a recovery towards the 4000 area.

USOIL remains pressured

WTI remains stuck and lacking any type of conviction after last week’s sell-off.

• The recent move suggests that buyers are looking to find their way back after prices fell from the 80.00 level.

• A break above 72.50 could attract momentum buyers and put the commodity on a bullish trajectory with 75.00 as a potential target.

• On the downside, a slip below 67.00 would trigger another sell-off towards 64.00 as the RSI grinds the oversold level.