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