Intraday Analysis - Monday, Nov. 2

USDCAD attempts to stabilise

The greenback gave away some gains after halting the late October rally.

• The pullback saw heavy resistance at the mid-1.4000 area.

• A close back above 1.4070 would help bulls regain control and send the pair to the previous peak.

• Short-term sentiment remains cautious after a loss of momentum.

• 1.3950 is a key support to prevent the pair from losing more ground.

EURGBP maintains bear rally

The pound capitalised on a weakening euro as prices popped to another fresh low.

• The pair’s break below 0.8350 indicates an extended bearish rally.

• 0.8325 is a fresh support level in case of a reversal, as the RSI remains in the oversold area.

• A break above 0.8370 could carry momentum to push for a test above 0.8400.

US 30 remains bearish

The Dow remains downbeat as tech stocks and AI remain under pressure, with last Friday’s 800-point loss still fresh in traders’ minds.

• A move below 52000 validated another low at 51600, leading to traders wondering if the bubble is bursting.

• A new round of buying could send the index towards 52000.

• The next bullish target at 52800 is the top obstacle to clear for a continuation.