EUR/USD, USD/CAD, GBP/CAD Daily Forecast
Jason Sen | May 20, 2021 04:51AM ET
EUR/USD topped exactly at the ascending 11 month trend line at 1.2230/40 and the February high at 1.2240/45 to target 1.2185/75 and almost as far as 1.2150/40.
USD/CAD is trying a recovery to ease severely oversold conditions.
GBP/CAD has been in a random and erratic sideways trend for the past 18 months.
h2 Today’s Analysis/h2The EUR/USD outlook is more negative now as we reject important resistance at 1.2230/45. Holding minor resistance at 1.2200/10 today targets 1.2150/40. Strong support at 1.2110/00. Longs need stops below 1.2085.
The 11 month trend line resistance and February high is at 1.2240/50. A break higher is a buy signal targeting 1.2310/15 and the 2021 high at 1.2340/50.
USD/CAD climbs slowly to 1.2142 with strong resistance at 1.2165/85. The 10 month trend line resistance is at 1.2220/30. A break higher is a buy signal initially targeting 1.2255, then 1.2270/80.
Minor support at 1.2100/90. 10 year 50% Fibonacci of 1.2040/30. A break below 1.2010 today risks a slide to to 1.1950/30, perhaps as far as 1.180/70.
GBP/CAD beat resistance at 1.7100/20 but topped exactly at the next target of 1.7150/60. Further gains this week can target 1.7240/60.
The pair held minor support at 1.7035/25 perfectly so far this week but if it slides below 1.7000, it can retest 1.6955/45. Below here it can retest 1.6875/65 lows. A break lower however targets 1.6825/15.
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