EUR/USD and USD/CAD Daily Forecast

EUR/USD held just a 25 pip range so same levels apply for today.

USD/CAD shorts at 1.3250/60 worked perfectly on the collapse to 1.3218.

 

Daily Analysis

EURUSD holding resistance at 1.1095/1.1105 as we become overbought short term. Shorts here need stops above 1.1120. A break higher targets strong resistance at 1.1150/60.

Minor support at 1.1060/50, but better support at 1.1030/20 could hold the downside. Longs need stops below 1.1010. A break lower is a sell signal targeting 1.1000 & 1.0980.

USDCAD holding first resistance at 1.3250/60 targets 1.3240/35 & 1.3220/10, which we hit yesterday for some profit taking. On a break below 1.3190 today look for an excellent buying opportunity at 1.3150/40 with stops below 1.3120.

Shorts at 1.3250/60 are worth trying again today with stops above 1.3280. A break higher targets 1.3290 & strong resistance at 1.3320/30.

 

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

 

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