EUR/USD, USD/CAD, GBP/CAD Forecast

EUR/USD topped exactly at strong resistance at 1.1940/50 initially targeting 1.1915/10 then 1.1865/60 (missed by 11 pips yesterday).

Regarding USD/CAD, we wrote previously that it was likely to have formed a bullish cup & handle pattern for a buy signal. Yesterday the pair headed higher as expected, by 75 pips to our target of 1.2400/10 and topped exactly here.

GBP/CAD is very much stuck in a range from minor support at 1.7065/55 back up to minor resistance at 1.7170/60. The pair topped just 10 pips above here.

Today’s Analysis

EUR/USD outlook remains negative and holding first resistance at 1.1915/35 today targets 1.1865/60 then 1.1820/10. A break below 1.1800 can target 1.1780/70 and 1.1740/30.

Shorts at 1.1915/35 need stops above 1.1950.

For USD/CAD, I still think we are starting a bull trend and the cup & handle pattern appears to confirm this. The pair shot higher as expected to the 100 day moving average at 1.2400/10. A break above here is another buy signal targeting 1.2430/35 before a retest of 1.2480/85 June high.

Downside is expected to be limited with minor support at 1.2350/40. Longs need stops below 1.2320.

GBP/CAD is holding minor resistance at 1.7170/60 and risks a slide to 1.7105/00; minor support at 1.7065/55.

A break above 1.7190 can target resistance at 1.7225/35. Shorts need stops above 1.7260 to target 1.7300/10 today.

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 realized. 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.

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