EUR/USD – USD/CAD

EURUSD remains in an erratic, volatile sideways trend. We topped exactly at 3 week trend line resistance at 1.1865/75.

USDCAD longs at our support at 1.3145/35 worked but we did not see the follow through on the upside that I had expected last week. We are only trading sideways.

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Daily Analysis

EURUSD topped exactly at 3 week trend line resistance at 1.1865/75 so we can assume a break above 1.1880 targets 1.1905/10, perhaps as far as 1.1940/50.

Shorts at resistance at 1.1865/75 worked on the slide to our target of 1.1845/35, perhaps we can reach as far as 1.1800/90. We should have some support at 1.1755/65 but below here retests last week's low at 1.1740/35.

USDCAD longs at support at 1.3145/35 worked on the bounce to the target of 1.3190/99 & almost as far as 1.3210/20. Only minor resistance at 1.3245/55. Be ready to buy a break above 1.3265 initially targeting 1.3310/20. An excellent selling opportunity at 1.3375/95 with stops above 1.3425.

We must hold 1.3130 or a break lower targets 1.3090/80 before a retest of the September low at 1.3010/00.

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The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.

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