EUR/USD may disappoint bears
Having steadily drifted lower over the past two sessions, EUR/USD may be shaping up for another bounce and a move in the direction of $1.14. Bears will probably be disappointed unless they can push the par below $1.12, which would then point towards the 200-day SMA at $1.1045.
The March rally does look tired, but there is still the possibility of another rally. However, the upside looks contained unless the price can close above the February highs.
USD/CAD retracement appears to be finished
If this pair cannot muster the strength to break above C$1.31, then it looks like the brief retracement is over and we look to Friday’s lows around C$1.2950 and below. The next target would be the lows of October 2015 around C$1.2830.
Any move above C$1.31 would still be regarded as a temporary rally, with a move above C$1.3320 and the 200-day SMA needed to revive a more bullish outlook.