USD/CAD: Buying opportunity at 1.3720 despite the negative outlook

Jason Sen DayTradeIdeas.co.uk

EURUSD we wrote: retests the 200 dma at 1.1005/15 this morning. Be ready to buy a break above 1.1030 targeting 1.1045/50 & a selling opportunity at 1.1085/95.

Fortunately we did not short yesterday instead buying the break higher & we topped exactly at 1.1085/95 as expected.

USDCAD consolidates losses – outlook remains neutral negative with no buy signal.

Daily Analysis

EURUSD we are short at 1.1085/95, with stops above 1.1120. An unexpected break higher (& weekly close above for confirmation) targets 1.1140/50 & 1.1185/90.

Shorts at 1.1085/95 target 1.1040/30, perhaps as far as 1.1015/10 for profit taking before the weekend.

USDCAD outlook negative after we broke the 2 month triangle but we have a buying opportunity at 1.3720/15 today with stops below 1.3690. A break lower (& weekly close below for confirmation) is a sell signal in to next week.

Sell at 1.3840/50 with stops above 1.3880, targeting 1.3810/00 & 1.3760/50.

Trends

Weekly outlook is neutral.

Daily outlook is neutral.

Short Term outlook is negative.

Author

Jason Sen

DayTradeIdeas.co.uk

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