Market Commentary on the day so far

GU, GJ and UJ had huge breakdown along with GC. the Euro has shown surprising strength in the middle of all this. Now we can see that each of the currencies are retracing back to their last supports. This is again a crucial juncture. These last supports have now become resistances. So, if price does break through these resistances and keeps going up, then we can assume that the uptrend is intact and can go long again.

But if the retracement back to the support turned resistance fails and it continues its down move, then the bearish trend has set in and we can expect some more fall. For eg. for GJ, 141.5 was a major support which has got broken now and now price is retracing back to 141.5. If price breaks this and keeps going up, then this would be a wonderful place to buy. But if this retracement stops around the 141.5 region, then we are going down again.

As for USDCAD, as said, the low of yesterday has not been broken and the pair seems that it might want to go up. I guess the move up on the USDCAD would continue.