USD/CAD: Gains are likely to be limited

Jason Sen DayTradeIdeas.co.uk

EUR/USD – USD/CAD

EURUSD topped exactly at our selling opportunity at 1.1770/80.

USDCAD consolidates losses – There's no sign of a bounce so a break below 2 day lows at 1.3105/1.3097 targets 1.3080/70. Try shorts at 1.3220/30 with stops above 1.3240.

Daily Analysis

EURUSD shorts at 1.1770/80 target 1.1725/20 & 1.1690/80. On further losses look for 1.1655/45 before a retest of the September low at 1.1620/10.

Try shorts at 1.1770/80 with stops above 1.1790. A break higher can retest last week's high at 1.1820/30. A break higher meets minor resistance at 1.1860/65.

USDCAD break of 1.3105/1.3097 targets 1.3080/70 then 1.3045/35 before a retest of the September low at 1.3000/1.2990.

Gains are likely to be limited with first resistance at 1.3170/80. Shorts need stops above 1.3195. If we continue higher try shorts at 1.3220/30 with stops above 1.3240.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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