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We’re about to end this crazy volatile week, yo!

Today we’re checking out short and long-term opportunities on the Loonie.

See if you can make pips from USD/CAD and GBP/CAD‘s setups before the final bell rings!

GBP/CAD: 1-hour

GBP/CAD 1-Hour Forex Chart
GBP/CAD 1-Hour Forex Chart

First up is a nice and simple range play on the 1-hour chart.

GBP/CAD is now about 40 pips away from the 1.7075 zone, which lines up with a range resistance that hasn’t been broken since mid-May.

Shorting at current levels would still make for a good trade especially if the pound drops back down to the 1.6880 range support.

Feel like the pound will reverse to the upside instead? If you believe that the consolidation will lead to a longer-term upswing, then you can also wait for a break above the 1.7100 previous highs and target areas of interest near 1.7200 or 1.7300.

USD/CAD: Daily

USD/CAD Daily Forex Chart
USD/CAD Daily Forex Chart

Closed gap alert! USD/CAD is lollygagging just under the 1.3500 psychological handle, which is right above the 200 SMA on the daily time frame.

As you can see, the move to 1.3500 has closed a weekend gap from March 9. That was a bajillion years ago in 2020 time zone, man.

Can dollar bulls find support at the 200 SMA and the gap’s close? Or can the bears drag USD/CAD down to the 1.3300 area of interest before letting the bulls get some action?

We don’t know when this consolidation will end so y’all better have your trading plans in place for when USD/CAD sees fresh momentum!

Forex Chart Settings:

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