The USD index bounced nicely yesterday from 95.55, where the latest correction phase could be completed. We see a price action breaking higher up to 97.00. If that is the case then the EURUSD will remain weak within the current leg down from 1.1295, which already has impulsive qualities. We are looking towards a 1.1000 for the next few sessions.
USD Index, 1h
EURUSD, 30min
EUR is also looking weak against the Canadian dollar which is doing better because of stable moves on crude oil. On EURCAD we remain bearish, despite the recent spike up to 1.5115, where a correction can be completed after the current leg down to 1.4850. Traders shall keep an eye on the channel support line, where a breakout will open the door for a decline towards 1.4300.
EURCAD, 4H
