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We’re all about the dollar today!

See, USD/JPY has taken a breather from its downtrend while USD/CAD might be retesting a broken resistance level.

Worried about your time frames? Don’t be! I gots the goods for both day and swing traders alike. Check it!

USD/JPY: 1-hour

USD/JPY 1-hour Forex Chart
USD/JPY 1-hour Forex Chart

USD/JPY recently found support at 106.00 and looks ready to extend its upswing.

At which level do you think will the bears step in again? 106.35 works for those who are watching the mid-channel level on the 1-hour time frame.

If you’re one of them Fibonacci fans, though, then you’ll definitely want to keep your eyes on the 31.8% and 50% Fibs especially since they line up with the 100 and 200 SMAs respectively.

You can short at current levels if you feel like the bulls are done for the meantime, or you can wait for higher retracements or bearish pressure you’re not sure about shorting the dollar right now.

Feel like buying the Greenback instead? You can also buy at a break above the mid-channel lines and then bail at the first signs of bearish momentum.

Whichever bias you end up trading, make sure you follow your trading plan like it’s yo first video game cheat code!

USD/CAD: 4-hour

USD/CAD 4-hour Forex Chart
USD/CAD 4-hour Forex Chart

USD/CAD broke above a descending triangle on the 4-hour chart but lost momentum just above the 1.4150 levels.

What makes the setup interesting today is that the pair is trading at 1.4075, which lines up with the trend line resistance that it had recently broken.

Are we looking at a break-and-retest opportunity over here? Buying at current levels would make for a good trade especially if USD/CAD ends up making new May highs in the next couple of trading sessions.

If you’re convinced that we’re looking at a fakeout, however, then you can also short USD/CAD as soon as it gets back inside the triangle and then aim for previous areas of interest near 1.4025 or 1.3950.

Forex Chart Settings:

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