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HomeForex EducationChart Artwork: Again-to-Again CAD Trades With USD/CAD and EUR/CAD

Chart Artwork: Again-to-Again CAD Trades With USD/CAD and EUR/CAD

The place my CAD-trading pals at?

We’re taking a more in-depth take a look at not one, however TWO CAD-related setups at present.

Take a look at USD/CAD’s pattern and EUR/CAD’s vary!

USD/CAD 1-hour Forex Chart

USD/CAD 1-hour Foreign exchange Chart

The greenback has been dropping pips in opposition to the Loonie since mid-June when USD/CAD obtained rejected on the 1.3050 psychological degree.

Pattern warriors have an opportunity to leap on USD/CAD’s downtrend because the pair approaches the 1.2925 earlier highs. As you possibly can see, the world strains up with the highest of the descending channel in addition to the 200 SMA on the 1-hour time-frame.

USD bears can wait and see how USD/CAD reacts to the 200 SMA earlier than scaling in. Stops simply above the channel would yield a superb risk ratio particularly if USD/CAD drops again to its weekly lows.

Not satisfied that USD will weaken in opposition to CAD? You may also guess on an upside breakout as quickly as you see USD/CAD buying and selling constantly above the 1.2900 – 1.2950 resistance zone.

EUR/CAD Daily Forex Chart

EUR/CAD Each day Foreign exchange Chart

Who’s sport to commerce a long-term range?

EUR/CAD simply sported a Hammer-like candlestick after bouncing from the 1.3400 psychological space. That’s proper, it’s the identical assist zone that had held 3 times since late April!

Stochastic hasn’t reached oversold circumstances simply but, however ready gained’t assist a lot if the following candlesticks level to EUR/CAD heading in direction of its 1.3800 vary highs.

Suppose we’re about to see one other EUR/CAD bounce? EUR bulls who’re assured that the vary assist would maintain can purchase at present ranges and goal for the prime quality close to the each day 100 SMA.

Simply make sure that to make use of wide stops, aight? We don’t wish to see you get taken out simply since you didn’t watch EUR/CAD’s average volatility!

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