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Who’s ready to make some pips? I hope you are!

We’re all about the Loonie today as we explore potential support and resistance levels on CAD/JPY and GBP/CAD.

Get ’em while they’re hot!

GBP/CAD: 4-hour

GBP/CAD 4-hour Forex Chart
GBP/CAD 4-hour Forex Chart

First up is a nice and simple resistance play on GBP/CAD. As you can see, the pound is poppin’ up what looks like indecision candles after rising sharply in the last trading sessions.

If you’re a pound bear, then you’ll love that GBP/CAD paused its upswing at a level that had served as support in August and resistance in September. Not only that, but Stochastic is also flashing an overbought signal on the chart!

Shorting at current levels would give you a boss level risk ratio especially if GBP/CAD drops back down to its 1.7020 recent support levels.

Feel like buying the pound instead? You can wait for GBP/CAD to make new weekly highs and then aim for previous areas of interest like 1.7450 or 1.7525.

Whichever bias you end up trading, make sure to make a trading plan, and to stick to it like glue!

CAD/JPY: 4-hour

CAD/JPY 4-hour Forex Chart
CAD/JPY 4-hour Forex Chart

Range playas huddle up! CAD/JPY is chillin’ like ice cream fillin’ around the 79.50 minor psychological handle, which is right smack at a range support on the 4-hour time frame.

What makes the setup more interesting today is that Stochastic is giving us major “oversold” vibes. Not only that, but the wicks on the last candlesticks are pointing to a potential move higher!

Buying at the first signs of bullish momentum is your best bet if you believe that CAD/JPY’s range would hold for another day.

If you’d rather short the comdoll against the yen, though, then you’ll want to at least wait for a clear break of the range. Then, evaluate your positions at key inflection points like 79.00 and 78.65 in case they present opportunities to load or lighten up to maximize any breakout move.

Forex Chart Settings:

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