Longs at 1.2070/50 target 1.2130/35 then key resistance of the ascending 11-month trend line at 1.2200/10. A break higher is an important longer-term buy signal initially targeting the February high at 1.2240/45 & eventually 2021 high at 1.2340/50.

USDCAD bottomed exactly at the 10 years 50% Fibonacci of 1.2040/30. The pair bounced to minor resistance at 1.2120/30 & topped exactly here. Strong 500-week moving average resistance at 1.2180/1.2200 is the main challenge for bulls today. Shorts need stops above 1.2215. A break higher is a buy signal initially targeting1.2270/80.

A break below 1.2020 risks a slide to 1.1950/30.

GBPCAD topped exactly at second resistance at 1.7100/20. A break above 1.7140today allows a recovery to 1.7240/60.

The pair tumbled to minor support at 1.7035/25 but below 1.7000 can retest1.6955/45. Below here can target retests 1.6875/65. A break lower however targets1.6825/15.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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