EURUSD strong resistance at 1.2160/80 today.

USDCAD bottomed exactly at 8 month descending trend line support 1.2260/40 as predicted.

GBPCAD broke strong support at 1.7090/70 in a near 200 pip collapse. The pair lost 400 pips this week.

Daily analysis

EURUSD minor support at 1.2020/10. A break below 1.2000 meets the best support this week at 1.1970/50. Longs need stops below 1.1925.

A bounce from 1.2020/10 allows a recovery to strong resistance at 1.2060/80. Shorts need stops above 1.2100.

USDCAD holding strong support at 1.2260/40 in oversold conditions as expected. A break lower to however meets strong 500 week moving average support at 1.2190/80. Longs need stops below 1.2150.

The pair topped exactly at first resistance at 1.2320/30 again as expected. A break higher targets 1.2350/60. If we continue higher look for 1.2380/85 & strong resistance at 1.2410/30.

GBPCAD minor resistance at 1.7035/45 & stronger resistance at 1.7095/05. A break higher targets 1.7060/70.

A break below 1.6945 targets 1.6885/65, perhaps as far as 1.6825/15.




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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