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 flat lines below 1.1900; divergent Fed-ECB expectations offer support

The EUR/USD pair struggles to capitalize on the overnight bounce from the 1.1835-1.1830 region and oscillates in a narrow band during the Asian session on Thursday. Spot prices currently trade around the 1.1875 area, remaining nearly unchanged for the day and staying within striking distance of an over one-week high, reached on Tuesday, amid mixed cues.

GBP/USD slips heading into the Thursday trading window

The Pound Sterling pulled back from four-year highs on Wednesday, weighed down by a combination of Bank of England dovishness and UK political uncertainty, even as the US Dollar weakened on soft labor market revisions.

Gold posts modest gains above $5,050 as US-Iran tensions persist despite strong labor data

Gold price trades in positive territory near $5,060 during the early Asian session on Thursday. The precious metal edges higher despite stronger-than-expected US employment data. The release of the US Consumer Price Index inflation report will take center stage later on Friday.

Bitcoin holds steady despite strong US labour market

Bitcoin briefly bounced from $66,000 to above $68,000 but slightly reversed those gains following Wednesday's US January jobs report. The top crypto is hovering around $67,000, down 2% over the past 24 hours as of writing on Wednesday.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

XRP sell-off deepens amid weak retail interest, risk-off sentiment

Ripple (XRP) is edging lower around $1.36 at the time of writing on Wednesday, weighed down by low retail interest and macroeconomic uncertainty, which is accelerating risk-off sentiment.