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The GBP/USD finally broke above the 1.6260 very strong resistance. We have been waiting for it for a while, but it was worth it. The pair climbed a quick 200 pips after the break, and found minor resistance at the 1.6450 area. We believe there is more to come and are expecting the pair to reach the 1.67 area. Keep in mind, a lot of important news is due to be released this week that could cause significant volatility. There is a possibility for downward correction, but the main trend is upwards, so look for buying opportunities.
USD/JPY – Since the pair broke the triangular pattern upwards (to the main trend direction), it climbed more than 300 pips (exactly as we expected). Our final target for this movement lies around the 103 – 103.50 area.
USD/CAD – While the pair was trading below the 1.06 strong resistance for a while, it broke above it last week. We expect more upward movement for this pair, with targets at 1.0750 followed by 1.1090. This week, the BOC Rate Statement will be published, which can trigger additional movement for the CAD.
EUR/USD – The pair is trading below the 1.36 very strong resistance area. Notice the potential Head & Shoulders pattern on the daily chart which can take the pair towards 1.34 again. If there is a break above the 1.3630 area, we may change our view to the upside targeting the 1.38 area.
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