EUR/USD – USD/CAD
EURUSD beat 11 year trend line resistance 1.1915/25 & closed at the high of the week for a buy signal.
USDCAD up 1 day & down the next for at least 2 weeks. No clear direction or pattern to trade. We are holding first resistance at 1.3030/40.
Daily Analysis
EURUSD we have a buy signal targeting less important resistance at this year's high of 1.2000/10. A break above here is a very important longer term buy signal & should signal the start of a significant bulls trend in to 2021.
Bulls must hold the pair above first support at 1.1920/10. Longs need stops below 1.1890.
USDCAD first resistance at 1.3030/40 but above here targets minor resistance at 1.3080/90. Minor resistance again at 1.3115/25.
Holding 1.3030/40 re-targets 1.2990/80 then last week's low at 1.2978/68 before the November low at 1.2935/25.
Chart
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Editors’ Picks
EUR/USD treads water just above 1.0400 post-US data
Another sign of the good health of the US economy came in response to firm flash US Manufacturing and Services PMIs, which in turn reinforced further the already strong performance of the US Dollar, relegating EUR/USD to the 1.0400 neighbourhood on Friday.
GBP/USD remains depressed near 1.2520 on stronger Dollar
Poor results from the UK docket kept the British pound on the back foot on Thursday, hovering around the low-1.2500s in a context of generalized weakness in the risk-linked galaxy vs. another outstanding day in the Greenback.
Gold keeps the bid bias unchanged near $2,700
Persistent safe haven demand continues to prop up the march north in Gold prices so far on Friday, hitting new two-week tops past the key $2,700 mark per troy ounce despite extra strength in the Greenback and mixed US yields.
Geopolitics back on the radar
Rising tensions between Russia and Ukraine caused renewed unease in the markets this week. Putin signed an amendment to Russian nuclear doctrine, which allows Russia to use nuclear weapons for retaliating against strikes carried out with conventional weapons.
Eurozone PMI sounds the alarm about growth once more
The composite PMI dropped from 50 to 48.1, once more stressing growth concerns for the eurozone. Hard data has actually come in better than expected recently – so ahead of the December meeting, the ECB has to figure out whether this is the PMI crying wolf or whether it should take this signal seriously. We think it’s the latter.
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