• EURUSD - We waited a long time for the breakout & as predicted we did see decent move. The skill was getting on board in time & we certainly did that with a 70 pip rally so far.

  • USDCAD tested the 200-day moving average at 1.2500 & over as far as 1.2449 which was certainly not a surprise, but seeing a bounce now.

  • GBPCAD breaks the first support at 1.7160/50 to target support at 1.7060/50. We held 12 pips above here - same levels apply for today.

Daily analysis

EURUSD beat 1.1350/70 as expected for a buy signal targeting 1.1400 & strong resistance at 1.1455/65. This has been holding exactly as predicted, but shorts could be risky & we certainly have not headed lower yet. Further gains are likely eventually towards 1.1500/10 & 1.1560/70.

Downside today should be limited - a buying opportunity at 1.1400/1.1380 - stop below 1.1365.

USDCAD seeing a bounce which could reach as far as first resistance at 1.2560/80. A high for the day certainly possible. Stop above 1.2590. A break higher can target a sell opportunity at 1.2625/45 - stop above 1.2665.

Failure to hold above the 200 days moving average at 1.2500 sees a retest of minor support at this week's low of 1.2460/50. Although this is also an 8 month trend line I do not see it holding too many times. Eventually, we could fall as far as 1.2420/10.

GBPCAD breaks strong support at 1.7160/50 to target strong support at 1.7060/50. Longs need stops below 1.7030.

Minor resistance at 1.7150/60 (tested again this morning as I write after it held yesterday) but above here can target 1.7220/30, perhaps as far as resistance at recent highs of 1.7290/1.7310. Further gains meet resistance at 1.7360/70.

 

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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