Happy Friyay, errbody!
Let’s get you some last-minute pips with not one but TWO Loonie trend plays today.
EUR/CAD found resistance at the 1.4800 zone earlier this week but the bulls look like they got their defenses together at the 1.4750 zone.And why not? The minor psychological handle lines up with a mid-channel support, a key inflection point, and the 100 SMA on the 1-hour time frame.
Euro bulls can start placing them long orders at current levels if you’re confident on EUR/CAD hitting new May highs. You can aim for this week’s highs to start but you can also plan for new highs if we see enough bullish momentum.
Not a fan of the euro? That’s aight, you can also wait to see if a retest of this week’s highs lead to another dip back to the 100 SMA.
Keep close tabs on this one!
If reversal plays are your thing, then you’re gonna love that CAD/JPY is finding resistance at a previous support area.CAD/JPY is now consolidating near the 90.25 zone where the 100 and 200 SMA are on the 1-hour time frame.
Look out for an SMA crossover, which could entice the bears into dragging CAD/JPY into a legit downtrend.
Shorting at the first signs of bearish momentum is a good play if you think that CAD/JPY will make new May lows in the next few days.
Of course, you also have to watch the possibility of the Loonie poppin’ back up to the ascending channel and extending its uptrend.
If you see CAD/JPY trading above the SMA and its broken trend line support, then you can consider buying the pair until it hits its May highs.