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Forex Flash: USD/CAD buying dips for 1.02/1.03 target – TD Securities

TD Securities analysts say that the USD/CAD price action looks a little more constructive still today, with the short-term (hourly chart) showing price moves over the past three days carving out a potential inverse H&S reversal (neckline trigger at 0.9992): "The scale of the formation suggests upside scope of only 50 ticks or so from 0.9992 but a move up from current levels would be in line with the positive technical undertone for funds we highlighted yesterday", wrote analysts Shaun Osborne and Greg Moore.

A three-day reversal pattern has developed—a daily “morning star” reversal – which is a usually reliable signal: "We have to concede that yesterday’s leg up would have been a little stronger ideally but the basics of the pattern pass the “duck test” and occurred at a significant point (around retracement support) so we are paying attention", they added, still buying dips for 1.02/1.03 target.

Forex: GBP/USD tests 1.5700 support after US data

The GBP/USD has been trading under pressure today, and after the spike high to 1.5804 on better than expected UK PMI Services data, the market became weak again, heading back to the 1.5700 support, where it has been holding the downside since January 28.
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Forex: USD/JPY catapults past calculated resistance

The USD/JPY has rocketed forward Tuesday as the USD continues its onslaught against its Japanese counterpart during American trading. While the pair is slightly off its session highs (93.55), the cross has rebounded after a recent dip in the 93.16 region, culminating in another advance towards 93.34/38 at the time of writing. In these moments the pair has recorded a steadfast gain of +1.04% on the day.
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