Chart Artwork: Potential Resistance Ranges for USD/CAD and CAD/JPY

Who’s prepared for some back-to-back comdoll buying and selling?

I hope you’re as a result of USD/CAD and CAD/JPY are throwing us hesitation candlesticks round attention-grabbing chart ranges!

Which setup will you extra doubtless commerce?

CAD/JPY 4-hour Forex Chart
CAD/JPY 4-hour Foreign exchange Chart

In case you missed it, Loonie bulls have been taking a chill capsule since mid-October after pushing CAD/JPY 800 pips greater between late September and early October.

What’s attention-grabbing about at present’s setup is that CAD/JPY is hitting the highest of a descending channel just a few days after we noticed a moving average crossover.

Are we a chance to leap on a downtrend? Or is that this only a bullish flag pattern that will result in an extension of CAD/JPY’s weeks-long uptrend?

Loonie bears can begin loading them shorts at present ranges and goal November’s lows for an excellent danger ratio.

Really feel like shopping for the Loonie in opposition to the yen as an alternative? Y’all can anticipate a transparent break above the channel and the 200 SMA earlier than focusing on areas of curiosity like 91.50 or 92.50.

USD/CAD Daily Forex Chart
USD/CAD Each day Foreign exchange Chart

Comdoll crosses not your factor? No worries, I gotchu!

USD/CAD is about 150 pips away from a range resistance that’s been round for the reason that begin of the 12 months.

Based mostly on the hesitation candlesticks across the present ranges, although, it appears to be like just like the bears aren’t keen to attend for a spread resistance retest.

Is the present upswing topping at 1.2650? USD/CAD merchants who wish to take cues from Stochastic’s overbought sign can quick at present ranges and goal potential inflection factors like 1.2550 or 1.2325.

In case you’d slightly commerce a transfer to 1.2800, nevertheless, then you definately’ll need to do it after USD/CAD makes new November highs. Oh, and ensure you’re able to bail in case there’s promoting stress across the earlier resistance zone!

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