EUR/USD, USD/CAD And GBP/CAD Daily Forecast
Jason Sen | May 13, 2021 03:17AM ET
EUR/USD hits a buying opportunity at 1.2070/50. Longs need stops below 1.2030.
USD/CAD 500 week moving average resistance at 1.2180/90 is the main challenge for bulls on the bounce.
GBP/CAD in a random and erratic sideways trend for 18 months.
h2 Today’s Analysis/h2EUR/USD buying opportunity at 1.2070/50. Longs need stops below 1.2035. A break lower targets 1.2000/1.1990.
Longs at 1.2070/50 target 1.2130/35 then key resistance of the ascending 11 month trend line at 1.2200/10. A break higher is an important longer term buy signal initially targeting the February high at 1.2240/45 and eventually the 2021 high at 1.2340/50.
USD/CAD bottomed exactly at the 10 year 50% Fibonacci of 1.2040/30. The pair has bounced to minor resistance at 1.2120/30 & topped exactly here. Strong 500 week moving average resistance at 1.2180/1.2200 is the main challenge for bulls today.
Shorts need stops above 1.2215. A break higher is a buy signal initially targeting 1.2270/80
A break below 1.2020 risks a slide to to 1.1950/30.
GBP/CAD topped exactly at second resistance at 1.7100/20. A break above 1.7140 today allows a recovery to 1.7240/60.
The pair tumbled to minor support at 1.7035/25 but below 1.7000 can retest 1.6955/45. Below here can target retests 1.6875/65. A break lower however targets 1.6825/15.
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