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

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