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EUR/USD, USD/CAD And GBP/CAD Daily Forecast

By Jason SenForexMay 06, 2021 07:05AM ET
EUR/USD, USD/CAD And GBP/CAD Daily Forecast
By Jason Sen   |  May 06, 2021 07:05AM ET
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EUR/USD has held strong resistance at resistance at 1.2060/80 so far this week, with best support at 1.1970/50. Longs need stops below 1.1925.

USD/CAD bottomed exactly at 8 month descending trend line support 1.2260/40 as predicted. We topped exactly at the next target of 1.2350/60. This is key resistance for today.

GBP/CAD still holding resistance at 1.7095/05.

Today’s Analysis

EUR/USD holding below 1.2010 meets the best support this week at 1.1970/50. Longs need stops below 1.1925.

First resistance at 1.2060/80 could see a high for the day. Shorts need stops above 1.2090. A break higher targets 1.2130/40.

USD/CAD retesting strong support at 1.2260/40 in oversold conditions & bottomed exactly here yesterday. A break lower however meets strong 500 week moving average support at 1.2190/80. Longs need stops below 1.2150.

A bounce from strong support at 1.2260/40 re- targets 1.2320/30 with first resistance at 1.2350/60. Shorts need stops above 1.2370. If we continue higher look for 1.2385 & strong resistance at 1.2410/30.

GBP/CAD topped exactly at first resistance at 1.7095/7105. A break above 1.7125 targets 1.7060/70

Minor support at 1.7045/35, better support at last week’s low at 1.6965/45. A break below 1.6945 targets 1.6885/65, perhaps as far as 1.6825/15.

EUR Chart
EUR Chart

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 realised. 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.

EUR/USD, USD/CAD And GBP/CAD Daily Forecast

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EUR/USD, USD/CAD And GBP/CAD Daily Forecast

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