The Dollar strength from early in the morning today has brought EUR/USD and USD/CAD at important price levels where we could take advantage for a trade if the current weaker Dollar trend continues. The Dollar index is trying to break out of a bearish channel and above the Ichimoku cloud. A rejection here will push it towards 99-98.50….
EUR/USD is close to channel support and important demand area of 1.0650-1.0620
USD/CAD has reached the trend line resistance where I can see a good selling opportunity with tight stops above 1.3210.
Dollar trend remains bearish. We could soon see the Dollar reverse but we might also see another low. Since we are close to resistance and trend reversal levels, I like the risk reward for a short Dollar position with stops close by.
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