Price Action Setups: Time to Buy USDCAD Again?

by Justin Bennett  · 

August 5, 2014

by Justin Bennett  · 

August 5, 2014

by Justin Bennett  · 

August 5, 2014

As the title might suggest, I like USDCAD higher from current levels. We’ve been discussing this pair for the past two weeks leading up to last week’s 200 pip rally. In fact the level I’m now using as an area to buy is the same level I used as a second profit target last week.

From here we can look to buy any pullbacks to the 1.0942 area as it should now act as support. The next key resistance doesn’t appear to come in until the 1.105 area, giving us about 100 pips to work with.

usdcad daily forex chart

I mentioned GBPCHF yesterday noting the recent trend line break and nearby horizontal resistance. Well, we didn’t get any bearish price action today at the level I mentiond, however the market was able to retest the broken trend line.

A market will often retest a broken trend line such as this before a key reversal. Nothing to do at the moment but I’ll be keeping my eye on this market over the next few days to see how it reacts to current levels.

gbpchf daily forex chart

USDJPY 4 hour chart

usdjpy 4 hour forex chart

USDJPY daily chart

usdjpy daily forex chart


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