EURUSD: With EUR declining strongly further the past week, further downside is likely in the days ahead..Support is seen at 1.1150 level with a cut through here opening the door for more downside towards the 1.1110 level. Further down, support lies at the 1.1050 level where a break will expose the 1.1000 level. On the upside, resistance lies at the 1.1250 level where a violation will aim at the 1.1300 level where a break will aim at the 1.1350 level, its psycho level followed by the 1.1400 level. Further out, resistance comes in at the 1.1450 level. All in all, EUR remains biased to the downside in the medium term.
USDCAD: Extends Bullish Offensive
USDCAD: With price extension seen the past week, USDCAD faces further bullishness in the new week. However, a corrective pullback may develop following its recent upside run. On the upside, resistance is seen at the 1.2500 level followed by the 1.2550 level. Further out, resistance comes in at the 1.2600 level where a turn lower may occur. But if further recovery is triggered resistance comes in at the 1.2650 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 1.2350 level followed by the 1.2300 level. Further out, support resides at the 1.2250 level and then the 1.2200 level. All in all, USDCAD continues to face bullish offensive medium term.
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