EUR/USD And USD/CAD Daily Forecast - 06 August 2018

EUR/USD breaks the July low at 1.1572 but only reaches 1.1558. We are drifting with no clear direction, the market lacking conviction. Support at the low of the range at 1.1520/10. A sustained move below 1.1490 targets quiet good support at 1.1460/50.

We are severely oversold in the short term and holding last week's low at 1.1558 targets 1.1585 then first resistance at 1.1600/05. We should struggle here but further gains target 1.1630 and minor resistance at 1.1655/65.

USD/CAD 500 day and 100 week MA support at 1.2990/80 in oversold conditions and we bottom just below at decent support at 1.2965/60. As I said, bears have a battle on their hands if they want lower prices so not a surprise that are are moving down so slowly. Next is strong trend line support at 1.2940/30. Try longs in the 1.2960/30 area with stops below 1.2890. A BREAK BELOW HERE IS A SELL SIGNAL.

Short term resistance at 1.3010/20 is key. A break above is a buy signal, indicating that those support levels have held and shorts will get squeezed. We then need to beat minor resistance at 1.3040 and 1.3055/65. Above here opens the door to 1.3120/30.

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