GBP/USD As at when Janaury ended, the GBPUSD had begun recovering from loses in face of releases of supportive macroeconomic data as well a heightened demand for the oversold British currency. The price kept its place within a narrow ascending channel reaching the resistance level of 1.4400 but then it didn't make it in breaking out. The pair went up to 1.4316 holding above 1.4300 figure yet it doesn't present any directional strength. In the 4 hour charts, the price happens to be above a mild 20 SMA (which is bearish) and then the technical indicators hold on top of their midlines with slopes a little bit positive yet we can't say they have significant momentum. Moving to a weekly chart, GBPUSD prices rebounded down from the middle MA of Bollinger Bands approaching its local low of 1.4085, also possibly heading towards 1.4020, 1.3900 support level. Support levels: 1.4230, 1.4230, 1.4172, 1.4110, 1.4109, 1.4085, 1.4000 Resistance levels: 1.42821, 1.4310, 1.4360, 1.4371, 1.4385 Trading Tips Open short positions at the current level setting your targets at 1.4085 taking 1.4460 as your stop loss. EURUSD The pair began the week with a tone which we could say was lightly positive moving through the 1.0845 level during the European morning with an upcoming European PMIs. Data released were mixed which indicated a reduction in the rate of growth in the manufacturing sector in January. On the side of technical analysis, the pair maintains its move along a descending channel as it traded below the Bollinger Bands' middle MA. The price is still below its moving averages with a direction downwards. The Relative Strength Index turned up moving to retest its MA's. Support levels: 1.0802, 1.0778, 1.0712, 1.0711 Resistance levels: 1.0870, 1.0969, 1.0974, 1.1257 Trading Tips Open long positions from the level of 1.0880 setting targets at 1.0935 taking 1.0855 as your stop loss. You could alternatively open short positions from the 1.0755 level setting target at 1.0715 taking 1.0795 as stop loss. USDCAD The Canadian sustained its growth improving for a second week consecutively. The USDCAD fell by 170 points . Consequently the pair closed at 1.3974, this marks its lowest level in 4 weeks. Much attention is being paid in the market to Employment Change. The pair began the week at 1.4143 and hastily rose up to a high of 1.4325. The pair made reversals of direction dropping to a 1.3943 low, thus breaking below support at 1.4019. Further the pair closed last week at 1.3974. Going into a longer term. The uptrend which could be seen from 0.9056 is yet continuing. It is therefore possible to see a 0.9406 projection (putting it at a 138.2% projection) from 0.9406. A break of support coming from a changing 1.3456 resistance is required to the first indication of a possible medium term topping. Support levels: 1.3966, 1.3811, 1.3800 Resistance levels: 1.4089, 1.4109, 1.4202, 1.4400, 1.4540 Trading Tips: Sell the pair below the 1.4109 resistance level taking 1.3800 as target.