Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

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

By Jason SenForexMay 06, 2021 07:05AM ET
www.investing.com/analysis/eurusd-usdcad-and-gbpcad-daily-forecast-200577964
EUR/USD, USD/CAD And GBP/CAD Daily Forecast
By Jason Sen   |  May 06, 2021 07:05AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

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
 

Related Articles

Al Brooks
EUR/USD Turning Down By Al Brooks - Jun 18, 2021 1

– EUR/USD is turning down from a lower high major trend reversal on the weekly chart. It is also the right shoulder of a head-and-shoulders top. – Breakout below the May 5 low at...

Jason Sen
USD/CAD Sends Important Buy Signal By Jason Sen - Jun 18, 2021

EUR/USD collapsed through 1.1995/90 and 1.1950/40 for a medium-term sell signal. USD/CAD rocketed through a strong nine-month trendline and 200-week moving average resistance at...

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

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email