USD/CAD: Buying opportunity at 1.31185/75

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD longs at the 2 year trend line support at 1.0810/00 worked perfectly this week on the bounce to 1.0860/65 & selling opportunity at 1.0890/1.0900 for a potential 80 pips profit (more if you scalped the levels which all held on the first test). We topped exactly here as expected.

USDCAD bounced from support at 1.3250/40 re-target 1.3280/85 & almost as far as 1.3310/20.

Please note that Thursday's reports will be updated at around midday GMT as I am travelling over night. Apologies for the inconvenience.

Daily Analysis

EURUSD topped exactly at our target & selling opportunity at 1.0890/1.0900, with stops above 1.0920. A break higher see 1.0890 act as support targeting 1.0920/25 perhaps as far as resistance at 1.0950/60.

Our shorts at 1.0890/1.0900 target 1.0865/60 of course, perhaps as far as support at 1.0830/20 for profit taking. A good chance of a low for the day here but we can try longs again at 1.0800/1.0780 if we continue lower, with stops below 1.0770. Be ready to sell a break below here targeting 1.0730/20 & 1.0685/75.

USDCAD should have support at 1.3260/50 today but below here targets 1.3220/10 before a buying opportunity at 1.31185/75, with stops below 1.3160. A break lower is another sell | 2 signal targeting 1.3145/40, perhaps as far as 1.3100/90.

Holding support at 1.3260/50 re-targets 1.3280/85 & 1.3310/20 before the high at 1.3329, coupled with strong resistance at 1.3345/50. Shorts need stops above 1.3365. A break higher is a medium term buy signal.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is neutral.

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.