EUR/USD continues to decline
EUR/USD has continued its descent, with the pair starting to slow down in that move.
There is a good chance that we will soon see some form of rebound, yet this would likely provide us with another shorting opportunity. A bearish outlook remains in play unless we see a break through the $1.1428 swing high.
EUR/USD price chart
GBP/USD downtrend remains in play
GBP/USD is expected to continue its downtrend, with the ongoing creation of lower highs and lower lows pointing towards further losses to come.
This morning has seen a temporary bounce for the pair, but this is unlikely to last, with a rally above $1.2828 required to negate this bearish outlook.
GBP/USD price chart
USD/CAD falling from Fibonacci resistance
USD/CAD has been drifting lower from the 61.8% resistance this week, with the pair seemingly in retracement mode once more. This period of weakness is unlikely to last, with the 76.4% retracement ($1.304) looking like an interesting area to look for longs.
Until then, there is a chance we could see further short-term downside. A break below $1.30 would signal that the 61.8% retracement seen last week is the total sum of the upside. Until that happens, there is a good possibility that we will soon see the pair turn upwards once more.
USD/CAD price chart