USD/CAD: excellent buying opportunity at 1.3150/40

Jason Sen DayTradeIdeas.co.uk

EUR/USD and USD/CAD Daily Forecast

EUR/USD shorts at strong resistance at 1.1150/60 were unexpectedly stopped above 1.1170 for a buy signal.

USD/CAD shorts at resistance at 1.3250/60 worked perfectly as we collapse at last below 1.3220/10, targeting an excellent buying opportunity at 1.3150/40, with stops below 1.3120.

We bottomed exactly here as I write.

Daily Analysis

EUR/USD try longs at 1.1155/45, with stops below 1.1135. An unexpected break lower risks a slide to 1.1100/90.

Longs at 1.1155/45 target 1.1170 & 1.1190/99. A break higher eventually is likely, targeting 1.1215/25 then 1.1265/75.

USD/CAD has an excellent buying opportunity at 1.3150/40 with stops below 1.3120. A break lower is an important sell signal targeting 1.3100/90 & 1.3050/40.

Longs at 1.3150/40 target 1.3190/95 & 1.3215/20. Expect strong resistance at 1.3250/60 for profit taking on all remaining longs.

Trends

Weekly outlook is negative

Daily outlook is neutral

Short Term outlook is neutral

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.