Partner Center Find a Broker

It’s all about the Loonie on today’s canvas, as we revisit new forex trade opportunities on CAD/JPY and AUD/CAD’s charts. Get ’em while they’re hot!

AUD/CAD: 4-hour

AUD/CAD 4-hour Forex Chart
AUD/CAD 4-hour Forex Chart

AUD/CAD is having trouble sustaining its bearish momentum after finding resistance at the .9150 handle.

What makes the level interesting is that it also lines up with a 38.2% Fibonacci retracement and is around the trend line that the pair had broken a few days back. Oh, and check out stochastic chillin’ like a villain in the oversold region!

Are we looking at a break-and-retest play in the making? Buying at the earliest signs of bullish momentum would get you on the uptrend at a decent price especially if AUD/CAD pops back up to its .9200 or even .9400 previous areas of interest.

If you think that the “breakout” is actually a fakeout, however, then you could also short at current levels and bail at the first signs of stronger support.

CAD/JPY: Daily

CAD/JPY Daily Forex Chart
CAD/JPY Daily Forex Chart

It’s go time for CAD/JPY bears! As you can see, the pair is hanging out at the 81.50 levels, which is right below a long-term triangle resistance AND the 100 and 200 SMAs on the daily time frame.

Shorting at current levels would give you a good reward-to-risk ratio especially if the descending triangle on the chart ends with a break below August and September’s lows.

Think CAD/JPY is in for a rally instead? You might want to wait for a break above the trend line and SMAs that we’re looking at and aim for the 83.00 and 84.00 areas of interest.

Good luck and good trading this one!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line