GBPUSD- Heading into UK employment data tomorrow, the immediate topside looks vulnerable, but the trade remains constructive while above 1.44 with a break below the weekly open at 1.4347 needed to shift the focus lower. A breach higher eyes more significant resistance into 1.4588-1.46. Keep in mind we have UK employment numbers & FOMC minutes tomorrow. I highlighted this setup in today’s scalp report.
USDCAD- The weekly opening range is set between 1.2836-1.2961 with key Fibonacci resistance still eyed at 1.2975/81. We’re likely in for some more range-bound price action but broadly looking higher while above last week’s low with a breach targeting subsequent resistance objectives into 1.3098 & beyond. Canadian CPI numbers are on tap for Friday.
Review Latest USDCAD Scalp Targets
EURUSD-I highlighted key support at 1.1356/67 last week with the break on Friday keeping our focus lower in the pair while below this threshold. Interim support targets 1.1285, 1.1260 & the April low at 1.1214.
Review Latest EURUSD Scalp Targets
Continue tracking all these setup and more throughout the week- Subscribe to SB Trade Desk and take advantage of the DailyFX New Subscriber Discount!
Looking for more trade ideas? Review DailyFX’s 2016 2Q Forecasts
---Written by Michael Boutros, Currency Strategist with DailyFX
Follow Michaelon Twitter @MBForex contact him at mboutros@dailyfx.com or ClickHere to be added to his email distribution list
Join Michael for Live Scalping Webinars on Mondays on DailyFX and Tuesday, Wednesday & Thursday’s on SB Trade Desk at 12:30 GMT (8:30ET)