GBP/USD
- GBPUSD is showing first signs of weakness following the short squeeze in February
- Cable was rejected at 1.3350 resistance and is approaching a major support area between 1.3110 and 1.3130
- Break below that area could increase pressure on the currency pair; with 1.2980 the next major level to watch
- GBP rally was driven by renewed optimism that a no deal Brexit will not happen; however, uncertainty remains high
EUR/GBP
- EURGBP is another currency pair worth watching
- Positive RSI divergence on the Daily chart and bounce ahead of 0.85 support suggests that the downtrend has paused for now
- However, EURGBP will need a clear break above 0.8650/60 resistance to pave the wave for a possible recovery
USD/CAD
- USDCAD is rallying as oil is consolidating and the US Dollar gaining fresh strength
- Traders might keep a close eye on the resistance area between 1.3340 and 1.3375 - which acted as key support/resistance many times in the past
- A daily close above 1.3375 could potentially trigger a larger short squeeze
- The next significant level of resistance would then lie at 1.35
