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USD/CAD Sends Important Buy Signal

By Jason SenForexJun 18, 2021 09:38AM ET
USD/CAD Sends Important Buy Signal
By Jason Sen   |  Jun 18, 2021 09:38AM ET
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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 1.2180/1.2200 for a very important longer term buy signal and an excellent swing trade opportunity over the summer. Easy money as we shot higher by another 160 pips yesterday through the first target of 1.2330/50.

GBP/CAD crawling above five-week trendline resistance at 1.7170/80.

Today’s Analysis

EUR/USD gains are likely to be limited, with first resistance at 1.1940/50 and strong resistance at 1.1970/80. Shorts need stops above 1.2005. Further losses are likely today, with a break below 1.1890 targeting 1.1865/60 & 1.1820/10. A break below 1.1800 can target 1.1780/70 & 1.1740/30.

USD/CAD longs have bagged up to 160 pips on the run to 1.2330/50. On further gains look for a test of the 100-day moving average at 1.2420/30. This is the best chance of a high for the day in overbought conditions. Shorts need stops above 1.2445. A weekly close above here is a buy signal for next week. Downside is expected to be limited, with minor support at 1.2325/15 and better support at 1.2290/80. Longs need stops below 1.2270. If we unexpectedly continue lower, look for strong support at 1.2240/30.

GBP/CAD is struggling to make a move. It is not the best market to trade as other markets breakout. A break above this week’s high at 1.7222 should be a buy signal initially targeting 1.7240/60, perhaps as far as 1.7300/10.

Minor support at 1.7170/60. Better support at 1.7140/30.

EUR Chart.
EUR Chart.


USD/CAD Sends Important Buy Signal

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USD/CAD Sends Important Buy Signal

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Comments (1)
raju verma
raju verma Jun 28, 2021 1:35PM ET
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very good analysis
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