USDJPY Breaches 150.00 : USDCAD Above Highs
Thurs 26th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- USDCAD (Primary Focus Pair)
- EURNZD (Covered In Video)
- USDJPY (Covered In Video)
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Our Interest (pending order)/Open Interest (live position)
| USDCAD (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.3760 | ||
| Entry Price | If Alert Gets Triggered Place Buy Stop Order 1.3780 | ||
| Stop Loss (Min) | 1.3730 | -50 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 1.3850 | +70 Pips | 1 : 1.25 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
USDCAD has breached a key level of resistance.
Price has closed above the key D1 highs of 1.3750, this level could act as support in the upwards trend.
Price on the H4 chart is trading above the H4 50 moving average, showing price is bullish.
If price retests the D1 highs of 1.3750, we can look for a long opportunity if the price can trade back above the H1 50 moving average.
Buyers could target the key D1 resistance of 1.3850 which formed on the 10th March 2023.
To note, we have GDP data out of the US today which is forecast to increase from 2.1% to 4.5%.
This could help the USD to strengthen further.
Want me to help you level up YOUR trading ? Learn 1-2-1 with a qualified prop-trader HERE
Primary Focus Pair Chart:
Technical Observations:
- CAD is W2 and USD is S1 on the day traders table.
- Daily chart shows breaching through a key level of resistance at 1.3750.
- Buyers could target the key resistance of 1.3850.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
