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Can’t get enough of the dollar? I gotchu!

Today we’re checking out GBP/USD’s short-term range and USD/CAD’s possible pullback levels.

Read on and see if you can snag pips from the setups!

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

Just because Cable has stalled its downtrend doesn’t mean we can’t get one or two (or ninety) pips from its price action!

In case you missed it, GBP/USD saw a mid-year reversal and has been falling since the start of June. The pair is now locked inside a 90-pip range just as the 100 SMA is getting ready to cross above the 200 SMA on the 1-hour time frame.

Range traders who are up for taking advantage of the consolidation can take cues from Stochastic‘s overbought signal and short at current levels with the 1.3185 support as target.

If you’d rather buy the pound against the dollar, though, then you can also consider trading on an upside breakout. That means buying as soon as GBP/USD clearly busts above the range that we’re watching.

The 1.3325 zone is a good area to aim for in case of a breakout but it really depends on the upside momentum whether you can adjust your targets higher or lower.

USD/CAD: 4-hour

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

USD/CAD knocked on and got rejected at the 1.2900 resistance…again!

The dollar is now on its way to 1.2800, which lines up with a resistance zone in July to August as well as the 38.2% Fibonacci retracement of November’s upswing.

If the 38.2% Fib is not enough to attract buyers, then USD/CAD bulls could eye the 1.2750 level closer to the 61.8% Fib, 100 SMA, and trend line support on the 4-hour time frame as a buy zone.

What do you think? Will USD/CAD extend its uptrend at current prices? Or will it see enough selling pressure to dip to lower inflection points before seeing buying momentum?