USD/CAD is trying to resume uptrend

USD/CAD is trying to resume uptrend

Trade idea

BUY 1.3230; TP1 1.3290; TP2 1.3330; SL 1.3200

USD/CAD found support at the 2018 trendline and the 50-week MA in the 1.3080 area. The following rebound brought it above the 200-day MA, the 100-day MA, and the December-January resistance line. It looks like higher levels are currently in focus. Watch for the 38.2% Fibo at 1.3290, 50-day MA at 1.3335 and 50% Fibo at 1.3368. The bulls will remain powerful as long as the pair is trading above the weekly pivot at 1.3150.



Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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