Whattup, forex friends!
We’re all about the Loonie today because AUD/CAD and USD/CAD are showing us setups that should NOT be missed.
Get ’em while they’re hot!
AUD/CAD: 1-hour
Is it me, or is AUD/CAD ready for a Double Bottom breakout?
The pattern’s “neckline” is sitting at the .9020 zone, which means that an upside breakout could push the Aussie to the .9070 area near the 50% Fib retracement and November’s lows.
Will AUD/CAD even hit the higher retracement zones? Or will the bears extend the Aussie’s downtrend starting at the pair’s current levels?
Watch how AUD/CAD reacts to the .9050 psychological area!
Bearish momentum at the level could drag the Aussie to the .9000 lows, while a clear breakout above the Fib levels and the weeks-long trend line resistance could boost AUD/CAD all the way to the .9200 area of interest.
USD/CAD: Daily
Range playas huddle up!
A few days ago we noted that USD/CAD is about to hit a range resistance that hasn’t been broken since early 2021.
Well, it’s Go Time for the bears! USD/CAD has not only hit the 1.2800 resistance, but Stochastic is also poppin’ up an overbought signal on the daily time frame.
Shorting at current levels would provide a sweet risk ratio especially if USD/CAD drops back down to the 1.2350 range support or even the 1.2580 mid-range levels.
Not a fan of shorting the U.S. dollar? Bulls should at least wait for a clear break above the 1.2800 mark before aiming for potential inflection points like 1.3000 or 1.3400.
