EUR/USD 1.39 Target, USD/CAD Verging on Shift

EUR/USD

The Euro has a rough day on Friday, falling about 150 pips. In the last update on this pair 1.3900 was still the target following the major breach of the upward sloping trendline. If 1.3900 fails to support (in the event the market reaches that point) the pair could see an extension into the 1.3700-1.3650 region. Upward trendline support remains be 1.35 but will move up over time.

A rise back above 1.4350 warrants caution and patience to wait for a valid signal (it is "no mans land" between 1.4350 and 1.4450)

USD/CAD

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Euro in Measured Moves Short. Pound, Yen In Range

Euro: On the daily, the euro is in measured moves short from its 50% at 1.43167, with a target at 1.39146, with coincides with the next full traditional 50% long at 1.39058.

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