Forex Investment and Currency Trading

EUR/CAD: Double Bottom at 1.5997

The formation of a double bottom at 1.5997 has lent support to the bullish outlook for the cross. This level is expected to attract continued buying interest - with an hourly close above nearby resistance at 1.6090 confirming the bullish implications of this pattern, targeting 1.6148 and 1.6183. Place stops below 1.5935 on an hourly closing basis.

GBP/CAD: Stop Loss Hit Below 2.0334 – But Staying Bullish

The overnight selloff in GBP/CAD has just triggered the stop loss below 2.0334. However, with the hourly studies reaching oversold levels, bullish view is retaining. Support at 2.0281 and a triple bottom at 2.0175 are expected to attract buying interest in this regard, favouring a test of nearby resistance at 2.0344. A close above here would favour additional gains to 2.0454 (our target), followed by 2.0605. Place stops below 2.0135.

CAD/JPY: Look to Fade Rallies to 98.49 and 99.50
Retracements to resistance at 98.49 and the double top at 99.50 are expected to attract short-term selling pressure for a move to support at 97.39. An hourly close below this level would highlight 96.51. Place stops above 99.85 on an hourly closing basis.