Where my CAD-trading friends at?
We’re taking a closer look at not one, but TWO CAD-related setups today.
Check out USD/CAD’s trend and EUR/CAD’s range!
The dollar has been losing pips against the Loonie since mid-June when USD/CAD got rejected at the 1.3050 psychological level.Trend warriors have a chance to jump on USD/CAD’s downtrend as the pair approaches the 1.2925 previous highs. As you can see, the area lines up with the top of the descending channel as well as the 200 SMA on the 1-hour time frame.
Not convinced that USD will weaken against CAD? You can also bet on an upside breakout as soon as you see USD/CAD trading consistently above the 1.2900 – 1.2950 resistance zone.
Who’s game to trade a long-term range?
EUR/CAD just sported a Hammer-like candlestick after bouncing from the 1.3400 psychological area. That’s right, it’s the same support zone that had held three times since late April!Stochastic hasn’t reached oversold conditions just yet, but waiting won’t help much if the next candlesticks point to EUR/CAD heading towards its 1.3800 range highs.
Think we’re about to see another EUR/CAD bounce? EUR bulls who are confident that the range support would hold can buy at current levels and aim for the top of the range near the daily 100 SMA.