EUR/USD, USD/CAD, GBP/CAD Forecast
Jason Sen | Nov 03, 2021 07:12AM ET
EUR/USD shorts at first resistance at 1.1610/20 are working today.
USD/CAD remains in a sideways range, good for scalping opportunities only as we hold first resistance again at 1.2420/40. Shorts stop above 1.2450.
GBP/CAD did not break lower but is holding around the low.
h2 Today's Analysis/h2EUR/USD first resistance was again at 1.1610/20. Shorts need stops above 1.1630. A break higher can target strong resistance at 1.1695/1.1705. Exit longs and try shorts with stops above 1.1720. A break higher is a buy signal targeting 1.1765/70 and 1.1800/10.
Shorts at 1.1610/20 target 1.1580/75 (hit) perhaps as far as first support at the October low at 1.1530/20 today for profit taking. A break below 1.1510 is a sell signal initially targeting 1.1490 and although this could hold initially (a low for the day certainly possible, but longs are risky) we eventually expected to target 1.1430/20.
USD/CAD first resistance was again at 1.2420/40. Shorts stop above 1.2450. Be ready to buy a break above 1.2450 targeting 1.2510/30. Shorts at 1.2420/40 target 1.2370/65 (likely to pause here), then support at 1.2300/1.2280. Longs here need stops below 1.2270. A break lower is a sell signal.
GBP/CAD hits its targets of 1.6950/40 and 1.6910/1.6890 for profit taking on shorts as finally we head for the 1.6870/60 target, perhaps as far as support at 1.6800/1.6780. First resistance was at 1.680/90. Shorts need stops above 1.7010. We can try shorts again at 1.7050/70, but must stop above 1.7090.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.