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Here is an update on the trade patterns of the Canadian dollar and the pound sterling we are following this week. For a full breakdown of these trades and more, review Weekly Webinar Strategy .
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Daily Price Table USD / CAD
We follow this configuration in Canadian Dollar since last month as the price was approaching Fibonacci resistance in 1.3375 . The reversal on the outside of the week in USD / CAD has now reduced the price to a critical range at 1.3100 / 32 .
The focus remains on this key lineup next week with a daily close below needed to keep the immediate attention lower. I am still in favor of the decrease of the force below the median line (currently ~ 1.3180 ) with a bearish invalidation at daily reversal at 1.3248 . A lower break of target here 1.3047 supported by a higher support confluence at ~ 1.2980 . Intraday trading levels remain unchanged from USD / CAD Technical Outlook last week.
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GBP / USD Daily Price Table
In the Week GBP / USD Technical Outlook we pointed to the threat of a larger recovery of the pound sterling after the price, "posted a reversal of the slope off the day." The advance followed until the beginning of the month with the cable approaching the key resistance highlighted in my previous Sterling Analyst Pick to, "at 1.3290-1.3311 – a region defined by the June opening, the retracement of 61.8% of the monthly range, and the 50-line of the descending fork "
The focus is on a reaction in this area the next week – the reduction of long positioning here in the short term.Search for a withdrawal of this brand with the broader constructive perspective above 1.3164 .A violation of this key threshold on the upside would suggest a more significant decline with such a scenario targeting the midline of the descending fork formation currently just below the 1.35 handle.
For a complete breakdown of the trading strategy Michael's review a series Foundations of Technical Analysis on B using a T rading S trategy [19659008GBP/USDTraderPositioning
![GBP / USD Feeling of traders [19659055] A summary of </span><span class=](https://a.c-dn.net/b/3iUpAw/Near-term-Setups-in-USDCAD-and-GBPUSD-Technical-Trade-Outlook_body_GBPUSDTraderSentiment.png)
IG Customer sentiment
See how the changes in the GBP / USD retail positioning have an impact on the trend – The is more about the feeling!
– written by Michael Boutros, Currency Strategist with DailyFX
] Michael on Twitter @MBForex or contact him at [email protected]
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