Intraday Outlooks For EUR/USD, EUR/JPY, USD/CAD

The following are the intraday outlooks for EUR/USD, EUR/JPY, and USD/CAD as provided by the technical strategy team at SEB Group.

EUR/USD: Testing target/support in the low 1.35s. The move lower has reached a short-term Equality point at 1.3526. This is the high end of a short-term target/support area stretching down to the Jun low of 1.3503. In the absence of traces of any serious buying, it looks fair to assume that the move will continue lower in this area. Medium-term players should be aware of the importance of the yearly low, printed early Fe, at 1.3477. Resistance likely at 1.3540/45. Current intraday stretches are located at 1.3485 & 1.3580.

EUR/JPY: Targeting 136.90 next. The move below 137.50 this morning has opened up for more weakness. A 21day 2 std dev regression band allows for 136.95 without stretching it and a short-term Equality point suggests that the next target at 136.90 - where a May-Jul descending line of support also comes into play. First-hand resistance should be 137.50 and 137.90/00, being the 2nd area likely to attract responsive sellers. Current intraday stretches are located at 137.05 & 138.05.

USD/CAD: should trade small down before up. A longer-term bullish case got a real hit last month, but even if it was floored, it was never out and since then it looks like a base has formed. Yesterday's attempt above the still ascending short-term Fibo-adjusted 'Kijun-Sen' failed, likely because of a a short-term stretch as defined by the 21day 2 std dev regression band. A small move lower closer to, but not below, 1.0694 seemed likely before making a new attempt higher to test resistance at 1.0814/24.

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