USD/CAD: Be ready to sell a break below 1.3120

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD in a volatile sideways trend & getting more difficult to trade for this reason. You can't hold a position for very long before prices reverse, wiping out any profit. No pattern or trend to give us a clue to direction so I will try to identify some scalping levels.

USDCAD has key support at 1.3145/35 & we bottomed exactly here yesterday. Worth trying longs with stops below 1.3120. Good upside potential if the support holds today.

Daily Analysis

EURUSD holding best support at 1.1850/40 targets 1.1870 then last week's high at 1.1910/20. On further gains look for 1.1945/55.

Best support at 1.1850/40. Longs need stops below 1.1820. A break lower tests support at last week's low & 6 week trend line at 1.1770/60. Longs need stops below 1.1745. A break lower is a sell signal targeting a buying opportunity at 1.1690/80. Stop below 1.1660.

USDCAD try longs at support at 1.3145/35 with stops below 1.3120. However, be ready to sell a break below 1.3120 targeting 1.3100 & minor support at 1.3050/40 before a retest of recent lows at 1.3010/1.2990.

Our longs target 1.3190/99 (we topped exactly here yesterday) then 1.3210/20, perhaps as far as minor resistance at 1.3235/45 for a little profit taking. Be ready to buy a break above 1.3260 initially targeting 1.3310/20. An excellent selling opportunity at 1.3375/95 with stops above 1.3425.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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