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USDCAD is testing key resistance of 1.0748, a break above this level will indicate that a cycle bottom has been formed at 1.0405 level on daily chart, then a sharp move towards 1.1000 could be seen to follow. However, as long as 1.0748 level holds, we'd expected downtrend to resume and another fall below 1.0206 is still possible.

For long term analysis, USDCAD is in long term downtrend from 1.3063. Deeper decline towards 1.0000 is expected in next several weeks.



Weekly Forex Forecast

EURUSD Weekly Summary: A broader look on Fibonacci retracement study
The EURUSD has another bearish week, bottomed at 1.4260 yesterday. My bearish target at 1.4250 is considered reached. Although technical view remains bearish and I don't see any significant bullish correction signal so far, I think it's time to think about the possibility of an upside correction in the upcoming week. Always look at both sides of the story.

On my weekly chart below, price has been bearish in the last three weeks after failed to break above 1.5143 area and now seems ready to test the 38.2% Fibonacci retracement of 1.2456 – 1.5143 around 1.4127 area. Although the bearish momentum is strong, actually from broader point of view since Euro ...

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Let’s say that your trade plan is buy EUR/USD in case of a breakout or to short it if it fails to do so. The level can be 1.4720, you invest $100 on a binary PUT option promising a 170$ return in case the pair ...

The Euro came under substantial selling pressure during the week with sharp losses against the dollar while it also lost significant ground on the major crosses as structural fears increased. There was initial stop-loss selling once the Euro weakened through the 1.45 level and a further round of selling once the 1.4450 area also broke with the dollar strengthening to a three-month high near 1.43.

There were warnings from the ECB that Greece needed to take steps to restore its sovereign credit rating by the end of 2010 when collateral requirements will return to pre-crisis levels. Difficulties within the Austrian banking sector triggered a renewed loss of confidence in the Euro as the government injected funds and effectively ...