Word up, peeps! I’m serving up a Loonie + chart patterns double special in today’s intraday charts update, with GBP/CAD and CAD/CHF on the menu.
GBP/CAD’s recent price action on its 1-hour chart has a noticeable tilt to it. Not only that, the pair is also apparently moving higher while bouncing up and down inside that there ascending channel.
The more conservative way to play an ascending channel is to look for opportunities to go long when the pair is at or close to the channel’s support area. And lookin’ at the chart above, we can see that the pair is getting there.
However, we can also see that the pair is already hesitating at the area of interest at 1.7630. Moreover, stochastic is already about to enter oversold territory.
There’s therefore a chance that the pair may move back up again without testing the channel’s support area, which should be at or just above 1.7600.
As usual, however, just keep in mind that there’s always a risk that the pair may stage a downside channel breakout. Y’all may therefore wanna prepare for a bearish scenario, especially if the pair smashes lower past 1.7540.
CAD/CHF has been trading sideways during the past few days. But if we connect the most recent peaks and troughs, we can that the pair has been tapering into a point, giving us that there symmetrical triangle pattern to play with.
A symmetrical triangle means that bulls and bears are fighting it out but neither side has a clear advantage… yet.
As such, the pair is just as likely to break to the topside as it is to the downside. And y’all may therefore wanna prepare for both scenarios.
Just note, however, that a downside move needs to smash lower past 0.7370 before the breakout is validate.
An upside breakout, meanwhile, needs to clear 0.7440. Although y’all may also wanna keep a close eye on the pair until it clears the nearby area of interest at 0.7470.
In any case, just remember to practice proper risk management as always, a’ight? Peace!