USD/CAD Week Ahead

Last week, USD/CAD came close to a very strong resistance. If you look at the chart you can see that 1.08 is a strong resistance since January 2008. USD/CAD broke that level last time on January 2008 and went as high as 1.3022 & fell since then.


Last Friday, USD/CAD almost touched that level of 1.08 and fell (See the chart below). It closed below 1.0673 (23.6% Fibonacci Retracement from 1.3040).

Next week, we will be watching to see whether USD/CAD can break that resistance of 1.08. If it does then it can go as high as 1.11 which is the next resistance for USD/CAD and near its 38.2% fibo retracement.

Monday is a Victoria Day Holiday for Canada. All banks are closed .

In economic calendar, there is only one important news for Canada that is Current Account Balance which is due on Friday and forecasted for -8.7B.

So, for us it will be a breakout watch for USD/CAD @ 1.08.

Want to be a master on technical Analysis? Join our class for online training @ http://globalfxsignal.com/forex_training.html

GBP/USD May 9-14 Outlook

It was quite a week last week. Bears had their full control on currency direction and I am sure lots of us made good money shorting.


Well, what about next?

We are going to analyze GBP/USD for you.

First thing which caught our eyes is the daily closing price of GBP/USD. If you look at our chart below you will see that GBP/USD closed at 1.4809 which is just above of 0.0% fib of 1.4785 (1.6867 Nov 16th High -1.4785 March 25th, Low).

Next, if it can stay above of that price then we think it will go higher. But breaking this level can take it down to as low as 1.37 (Jan 16th. close).

European problem is not settled yet and UK hung parliament also the reason for last week’s fallout.

Need Forex Training On Technical Analysis? Please visit: http://globalfxsignal.com/forex_training.html