Near-term Setups in GBPUSD, USDCAD & EURUSD
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.
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.
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---Written by Michael Boutros, Currency Strategist with DailyFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.