USD/CAD: Shorts need stops above 1.2485

EUR/USD, USD/CAD, GBP/CAD

EURUSD we have a confirmed sell signal for the US dollar so further gains are expected.

USDCAD broke the August low at 1.2448 to target 1.2420/10 & eventually minor support at 1.2310/1.2290. This was yesterday’s low for the day.

GBPCAD we have shorts at first resistance at 1.7050/70 targeting 1.7000, perhaps as far as 1.6950/40. 

Daily analysis

EURUSD hit the next target of 1.1665/75 after a very important longer term buy signal. Next we look for a test of minor resistance at 1.1690/99. We should struggle here initially but shorts are probably too risky. better to buy on weakness here & a pull back to support.

An obviously buying opportunity at 1.1620/00, (we held just 6 pips above here as I write this morning) with stops below 1.1580. A break lower is an unexpected sell signal targeting 1.1540/30.

USDCAD hit our target & very minor support at 1.2310/1.2290 with a low for the day yesterday. If we continue lower eventually look for 1.2270 & 1.2250/40.

Gains are likely to be limited with minor resistance at 1.2380/90. Strong resistance at 1.2450/70. Shorts need stops above 1.2485.

GBPCAD is holding first resistance at 1.7050/70. Stop above 1.7090. A break higher is an important buy signal targeting 1.7155/75 & 1.7195, perhaps as far as 1.7240/50.

Minor support at 1.6950/40. Further losses are likely eventually to 1.6910/1.6890. Ultimately we are looking for the target of 1.6870/60, perhaps as far as support at 1.6800/1.6780. 

Chart