Whattup, fam! I hope you’re in the mood to trade the Loonie, because I’ve got sweet setups on USD/CAD and GBP/CAD that you wouldn’t want to miss!
Trend traders huddle up! USD/CAD is hitting the 1.3100 – 1.3150 levels, which is right smack at the 200 SMA and an ascending channel support that hasn’t been broken since JULY 2017.
Think the bulls can defend the pattern for another day? Buying at current levels would give you an awesome reward-to-risk ratio especially if the dollar goes back up to its 1.3650 previous highs.
Not feelin’ the love for the Greenback? Don’t worry, you can always wait for the pair to drop below the support levels that we’ve identified and maybe aim for a retest of the 1.2800 previous support.
Holler if you’re thinking of trading or if you already have trading plans for this one!
A few days ago GBP/CAD showed its second “break” above the range that has been confining the pair for most of 2018. We now know that the first one turned out to be a fakeout.
Will the second “breakout” lead to another trip down the range? Stochastic is partying in the overbought territory, so y’all know that at least some bears are into it.
The 1.7050 – 1.7100 psychological levels are pretty good targets if you think that the pound will drop back to the range but encounter support near the SMAs.
If you’re convinced that we’re just looking at a break-and-retest scenario, however, then you could also wait for the pair to show signs of bullish momentum and then aim for new 2019 highs for the pair.
Whichever bias you choose to trade, make sure you’re practicing good risk management habits, aight?