Whattup, foreign exchange buddies!
We’re all in regards to the Loonie right this moment as a result of AUD/CAD and USD/CAD are displaying us setups that ought to NOT be missed.
Get ’em whereas they’re sizzling!
Is it me, or is AUD/CAD prepared for a Double Bottom breakout?
The sample’s “neckline” is sitting on the .9020 zone, which implies that an upside breakout might push the Aussie to the .9070 space close to the 50% Fib retracement and November’s lows.
Will AUD/CAD even hit the upper retracement zones? Or will the bears prolong the Aussie’s downtrend beginning on the pair’s present ranges?
Watch how AUD/CAD reacts to the .9050 psychological space!
Bearish momentum on the stage might drag the Aussie to the .9000 lows, whereas a transparent breakout above the Fib ranges and the weeks-long trend line resistance might increase AUD/CAD all the best way to the .9200 space of curiosity.
Vary playas huddle up!
A couple of days in the past we famous that USD/CAD is about to hit a range resistance that hasn’t been damaged since early 2021.
Properly, it’s Go Time for the bears! USD/CAD has not solely hit the 1.2800 resistance, however Stochastic can also be poppin’ up an overbought sign on the day by day time-frame.
Shorting at present ranges would supply a candy risk ratio particularly if USD/CAD drops again right down to the 1.2350 vary help and even the 1.2580 mid-range ranges.
Not a fan of shorting the U.S. greenback? Bulls ought to not less than anticipate a transparent break above the 1.2800 mark earlier than aiming for potential inflection factors like 1.3000 or 1.3400.