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Trading ideas for EUR/USD, USD/CAD and BRENT

January 18, 2022

EUR/USD: The European currency fell against the US dollar on Monday although US markets were closed yesterday due to Martin Luther King day. It seems that traders keep believing in the greenback, but the Federal Reserve tightening plans were largely priced in. Today Germany and Eurozone release the January ZEW Survey on Economic Sentiment. The US will release the January Empire State Manufacturing Index and November Total Net TIC Flows figures. The local resistance level can be seen at 1.1420. A breakout to the upside can trigger growth to 1.1465.

BUY 1.1425/TP 1.1465/SL 1.1410


USD/CAD: The US dollar fell against the Canadian dollar on Monday due to rising oil prices and last strong Canada’s economic data. Canadian factory sales rose in November from October driven mostly by higher sales of primary metals, petroleum and coal products. The oil price, one of Canada’s major exports, was steady and it might be also supported the currency in the near future. The local support level can be seen at 1.2470. A breakout below could take the pair to an immediate target of 1.2415.

SELL 1.2465/TP 1.2415/SL 1.2482


BRENT: Oil prices rose on Monday due to investors’ expectations that global supply will be limited, although restraint by major producers was partially offset by a rise in Libyan output. Tonight the price continued to rise after Yemen’s Houthi group attacked the United Arab Emirates, returning geopolitical jitters. Besides, oil prices were being supported by colder winter temperatures in the northern hemisphere which were driving up demand for heating fuels. All of it, probably, should continue to be supportive of oil in the near future. Brent can correct to $86.70 and after that, the price will probably continue its upward movement towards $90.

BUY LIMIT $86.7/TP $90/SL $85.6