EUR/USD – USD/CAD
EURUSD has 2 small shooting star candles which is mildly negative but more so indicates we remain in a sideways trend, unable to break the November high.
USDCAD has no clear trend or pattern to trade. We appear to be unable to sustain a move in 1 direction for more than 2 days, very occasionally 3 days. This has been the case since at least June.
We broke support at 1.3080/70 to bottom exactly at the next target of 1.3030/20.
EURUSD first support at 1.1845/35 in the sideways trend. A break lower targets a buying opportunity at 1.1800/1.1785 with stops below 1.1770.
Very minor resistance at this week's high of 1.1890/93. Stronger trend line resistance at 1.1915/25. Shorts need stops above 1.1935. A break higher targets 1.1960/65.
USDCAD bounces back in the sideways trend to 1.3080/90. Holding here re-targets 1.3060 & 1.3030/20. On further losses look for 1.1.2990/80 before a retest of last week's low at 1.2935/25.
Above 1.3100 targets 1.3135/55.
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