Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

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

Published 05/13/2021, 03:17 AM
Updated 07/09/2023, 06:31 AM

EUR/USD hits a buying opportunity at 1.2070/50. Longs need stops below 1.2030.

USD/CAD 500 week moving average resistance at 1.2180/90 is the main challenge for bulls on the bounce.

GBP/CAD in a random and erratic sideways trend for 18 months.

Today’s Analysis

EUR/USD buying opportunity at 1.2070/50. Longs need stops below 1.2035. A break lower targets 1.2000/1.1990.

Longs at 1.2070/50 target 1.2130/35 then key resistance of the ascending 11 month trend line at 1.2200/10. A break higher is an important longer term buy signal initially targeting the February high at 1.2240/45 and eventually the 2021 high at 1.2340/50.

USD/CAD bottomed exactly at the 10 year 50% Fibonacci of 1.2040/30. The pair has bounced to minor resistance at 1.2120/30 & topped exactly here. Strong 500 week moving average resistance at 1.2180/1.2200 is the main challenge for bulls today.

Shorts need stops above 1.2215. A break higher is a buy signal initially targeting 1.2270/80

A break below 1.2020 risks a slide to to 1.1950/30.

GBP/CAD topped exactly at second resistance at 1.7100/20. A break above 1.7140 today allows a recovery to 1.7240/60.

The pair tumbled to minor support at 1.7035/25 but below 1.7000 can retest 1.6955/45. Below here can target retests 1.6875/65. A break lower however targets 1.6825/15.

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.

Latest comments

Risk Disclosure: 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.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.