MUFG Research adds a fresh short USD/CAD to its Trade of the Week recommendation targeting a move towards 1.2150 with a stop at 1.2750.

MUFG also maintains a short EUR/USD targeting a move towards 1.0710 and a stop at 1.1230.

“We are recommending a new short USD/CAD trade idea. The pair has broken below an important technical resistance over the past week provided by the 200-day moving average at just above the 1.2600-level and the upward trend line support that joins the lows from June 2021, October 2021 and January 2022 that comes in around 1.2570,” MUFG notes.

“We are maintaining our short EUR/USD trade idea. We contineu to believe that risk remains tilted to the downside for the pair,” MUFG adds.

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