EURUSD collapsed through 1.1995/90 & 1.1950/40 for a medium term sell signal.

USDCAD rocketed through strong 9 month trend line & 200 week moving average resistance at 1.2180/1.2200 for a very important longer term buy signal & an excellent swing trade opportunity over the summer.

Easy money as we shot higher by another 160 pips yesterday through the first target of 1.2330/50.

GBPCAD crawling above 5 week trend line resistance at 1.7170/80.

Daily analysis

EURUSD gains are likely to be limited with first resistance at 1.1940/50 & strong resistance at 1.1970/80. Shorts need stops above 1.2005.

Further losses are likely today with a break below 1.1890 targeting 1.1865/60 & 1.1820/10. A break below 1.1800 can target 1.1780/70 & 1.1740/30.

USDCAD longs have bagged up to 160 pips on the run to 1.2330/50. On further gains look for a test of the 100 day moving average at 1.2420/30. This is the best chance of a high for the day in overbought conditions. Shorts need stops above 1.2445. A weekly close above here is a buy signal for next week.

Downside is expected to be limited with minor support at 1.2325/15 & better support at 1.2290/80. Longs need stops below 1.2270. If we unexpectedly continue lower look for strong support at 1.2240/30.

GBPCAD struggling to make a move. Not the best market to trade as other markets breakout. A break above this week’s high at 1.7222 should be a buy signal initially targeting 1.7240/60, perhaps as far as 1.7300/10.

Minor support at 1.7170/60. Better support at 1.7140/30.



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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