EUR/USD still struggling at 500 week moving average resistance at 1.1970/80. We topped at 1.1994.
USD/CAD trades in an erratic sideways trend. Despite daily ranges of 80 pips or so, last week’s range was only 156 pips.
GBP/CAD strong resistance at 1.7315/25.
Today’s Analysis
EUR/USD topped 14 pips above important 500 week moving average resistance at 1.1970/80. A break higher this week targets resistance at 1.2035/55. Watch for a high for the day. Shorts need stops above 1.2065.
Strong support at 1.1930/20. Watch for a low for the day. If we continue lower expect strong support at 1.1885/75. Watch for a low for the day. Longs need stops below 1.1860.
USD/CAD minor support at 1.2530/20 but below here can target re-target 1.2470/60. A break lower to this week targets 1.2430/20.
Strong resistance at 1.2550/60 and again at important 1 month trend line resistance at 1.2610/20.
GBP/CAD strong resistance at 1.7315/25. Shorts need stops above 1.7340. A break higher targets the 100 day moving average at 1.7380/90. Expect strong resistance at 1.7425/45. Shorts need stops above 1.7460.
Holding strong resistance at 1.7315/25 targets 1.7275/65, perhaps as far as 1.7220/10. Further losses risks a retest of 1.7180/60.
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