It’s all about the Loonie on today’s canvas, as I bring to you hot swing and position trade opportunities on CAD/JPY and GBP/CAD. Get ’em while they’re hot!
As you can see, CAD/JPY is lollygagging around the 89.00 major psychological handle, which lines up with not only a rising channel support, but also the 200 SMA on the chart.
A long trade at current levels could yield you a good reward-to-risk ratio especially if you think that the pair would revisit its previous highs near 91.50.
If you’re not convinced of the Loonie’s continued uptrend against the yen, however, then you could also wait for a break below our support area and target the pair’s area of interest near 87.00 – 87.00.
Range playas huddle up! GBP/CAD looks like it’s headed for the 1.7500 major psychological level, which is right smack at a range support that hasn’t been broken since mid-2016.
With stochastic about to hit overbought territory, you can bet your pips (with proper risk management, of course) that bulls and bears are already watching a potential retest of 1.7500.
Think the pound will soon see weaknesses against the Loonie? Or will we see an upside breakout that would take the pair to its next areas of interest near 1.8150 or even 1.9000?
Watch this one closely, fellas!