GBP/CAD breaks the first support at 1.7160/50 [Video]

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.

Jason Sen DayTradeIdeas.co.uk

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.

Author

Jason Sen

DayTradeIdeas.co.uk

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