Short term trading opportunities of USD/CAD, CAD/JPY, Oil, EUR/USD and DXY


Position update
1. Yesterday we entered another intraday short term trade to long Oil from 61.91 and took profit at 62.43.

oil

2. EURUSD and DXY stuck in the narrow range.
We'll close 50% position at cost (spot 1.1206 and 97.36 ).

3. New trade idea:
①USDCAD: sell at 1.3453 stop 1.3522 for 1.3300 (Risk 0.5%)
②CADJPY: long at spot (spot 81.39) stop 80.90 for 82.05 (Risk 0.5%)

positiomn

 Click on the image to enlarge 

USDCAD
USDCAD consolidated in the 1.3400--1.3500 range.
A potential small abc correction toward 1.3297 could not be ruled out.
Daily close above 1.3520 may retest 1.3690 and beyond.

usdcad

CADJPY
After the strong sell-off, CADJPY almost reached 100% extension at 80.75.
The price finds some support near 50% Fibo at 80.92.
Both daily and weekly trend is firmly bearish.
However, near term some retracement is likely.
We'll try a long trade against recent low.
Directly break lower may target at least 80.25/79.85.

cadjpy

Oil ((Light Crude Oil Futures)
The price is still in the short term uptrend channel.
Daily close above 62.15 may target 65.36.
To the downside, 57.34/13 could provide medium term support.

oil

EURUSD and DXY

It's hard to update anything from a technical perspective.
Before we have reliable signals of trend reversal, we still hold the positions.

eurusd

DXY

 

Views are my own, not trading recommendations.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex Analysis

Editors’ Picks

EUR/USD chops around amid end-of-month flows, ahead of Trump

EUR/USD is battling 1.11, close to the two-month highs amid choppy trading. Hopes for a fiscal boost in Europe and mixed satisfactory data have supported the currency pair. , Sino-American tensions are rising and investors await President Trump's China announcement.

EUR/USD News

GBP/USD advances amid US dollar weakness, shrugging off concerns

GBP/USD is trading above 1.23, edging higher amid US dollar weakness and Britain's gradual reopening. Intensifying Sino-American tensions and the Brexit impasse are ignored. 

GBP/USD News

Cryptocurrencies: $348M in matured derivatives boost the market

Futures and options contracts' expiration brings a wave of volatility to the crypto market. Ethereum takes advantage and attacks resistances in the market dominance chart, Bitcoin goes back. Ripple disappoints despite regaining the third place in market capitalization.

Read more

Canada's economy falls by 8.2% annualized in Q1, better than expected, USD/CAD shakes

The Canadian economy squeezed by an annualized rate of 8.2% in the first quarter of 2020, better than -10% expected. Quarterly, Gross Domestic Product (GDP) squeezed by 2.1%. Most of the downfall occurred in March, with a drop of 7.2%, better than 8.5% projected. 

Read more

WTI drops 4% and eyes $32 mark amid risk-off, weakening demand

The selling pressure around WTI (July futures on Nymex) accelerates following the break below the 33 level, as bears now target the 32 support zone heading into the key US macro data and US President Donald Trump’s response to the Hong Kong issue.

Oil News

Forex Majors

Cryptocurrencies

Signatures