We take a look at the daily charts of EUR/USD, GBP/USD and USD/CAD to highlight key levels and patterns.
EUR/USD Daily
- The false break of a corrective channel keeps euro rangebound once more.
- A bullish piercing pattern marks strong support around 1.1300.
- 1.15 (round number) and 1.1570 highs are back in focus for bulls over the near-term.
GBP/USD Daily
- The Cable closed above its 200-day average (first time since May) and sits at a 3-month high.
- However, prices appear stretched as it trades beyond the upper Keltner.
- Look for prices to stabilize before entering long, or find support near the broken retracement line or 200-day MA.
USD/CAD Daily
- Its most bearish session in 4-months on Friday saw the pair break out of its corrective channel.
- The retracement stalled at the 38.2% Fibonacci level.
- With a lower high in place, we’re now looking for a break beneath the 1.3160/80 support zone.