Happy Friyay, y’all!
We’re all about the Loonie today, as we look at not one but TWO potential range opportunities on the comdoll.
USD/CAD is consolidating around the 1.4050 area, which is right smack at a mid-range support on the 1-hour time frame. What’s more, it also lines up with a trend line support that’s been solid this week!Stochastic has just jumped out of oversold territory, so y’all might want to jump in if you’re bullish on the dollar against the Loonie.
A stop just below the trend line would still make for a good trade especially if you aim for the range resistance near 1.4150.
Not a fan of the Greenback? You can also wait for a break below the 1.4050 handle that we’re watching and aim for the 1.3900 support instead.
Just make sure that you’re lookin’ at a legit breakout and not a fakeout if you do short the pair!
If trading the dollar is not your thing, then you’ll want to see NZD/CAD’s range setup on the 4-hour time frame.See, the pair is having trouble trading below the .8400 major psychological handle. Not only that, but stochastic is flashing a big oversold signal on the chart!
Buying at current levels would yield a good reward-to-risk ratio especially if NZD/CAD pops back up to the .8550 range resistance.
If you’d rather short the Kiwi against the Loonie these days, though, then you can also wait for a break below .8400 and aim for the pair possibly revisiting the .8350 or even the .8275 levels.
Watch this one like a hawk if you want to get them last-minute pips this week!