FX levels to watch: EUR/USD and USD/CAD
EUR/USD is continuing to show signs of potential bullish resurgence, while USD/CAD is starting to falter amid a break below trendline and swing low support.
EUR/USD fleetingly rallies through resistance
EUR/USD has managed to push through the $1.1486 resistance level this morning, hitting the highest level for almost two months in the process.
This helps build on the bullish picture which portrays the recent price action as a base-building process before we push upwards. With that in mind, further upside looks likely before long, with a break below $1.1343 required to negate the bullish outlook.
USD/CAD breaks below trendline support
USD/CAD has managed to break below trendline support, with the pair also falling below the $1.3595 swing low in the process.
However, with the price currently respecting the $1.3566 low, we have not yet seen confirmation of a more bearish phase coming into play for the pair. An hourly close below that level would look likely to provide a retracement phase, with a potential fall into the lower ascending trendline from the rising channel exhibited throughout much of November and December.
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