EUR/USD, USD/CAD, GBP/CAD Update
Jason Sen | Oct 20, 2021 04:09AM ET
EUR/USD: we have a confirmed sell signal for the US dollar so further gains are expected.
USD/CAD: broke the August low at 1.2448 to target 1.2420/10 and eventually minor support at 1.2310/1.2290. This was yesterday’s low for the day.
GBP/CAD: we have shorts at first resistance at 1.7050/70 targeting 1.7000, perhaps as far as 1.6950/40.
h2 Today’s Analysis/h2EUR/USD hit the next target of 1.1665/75 after a very important longer term buy signal. Next we look for a test of minor resistance at 1.1690/99. We should struggle here initially but shorts are probably too risky. Better to buy on weakness here and a pull back to support. An obvious buying opportunity at 1.1620/00, (we held just 6 pips above here as I write this morning) with stops below 1.1580. A break lower is an unexpected sell signal targeting 1.1540/30.
USD/CAD hit our target and very minor support at 1.2310/1.2290 with a low for the day yesterday. If we continue lower, eventually look for 1.2270 and 1.2250/40. Gains are likely to be limited with minor resistance at 1.2380/90. Strong resistance at 1.2450/70. Shorts need stops above 1.2485.
GBP/CAD is holding first resistance at 1.7050/70. Stop above 1.7090. A break higher is an important buy signal targeting 1.7155/75 and 1.7195, perhaps as far as 1.7240/50. Minor support at 1.6950/40. Further losses are likely eventually to 1.6910/1.6890. Ultimately we are looking for the target of 1.6870/60, perhaps as far as support at 1.6800/1.6780.
Disclaimer: No representation or warranty is made as to the accuracy or completeness of this information and opinions expressed may be subject to change without notice. Estimates and projections set forth herein are based on assumptions that may not be correct or otherwise realized. All reports and information are designed for information purposes only and neither the information contained herein nor any opinion expressed is deemed to constitute an offer or invitation to make an offer, to buy or sell any security or any option, futures or other related derivatives.
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.