USD Strength Dominates : USDCAD Breaches Key Resistance
Tues 3rd October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- USDCAD (Primary Focus Pair)
- GBPUSD (Covered In Video)
- EURUSD (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
USD Dominates our live proprietary strength vs weakness tables today after bond yields rally.
USD is Strong 1 (S1) on both of our tables, and is the only currency showing a confluence between them.
On the week side of the day traders table we have AUD, CAD and NZD, which is a turn around from yesterday.
In particular USDCAD is of interest as the price has breached a key level of resistance.
This level of resistance can be seen on the daily chart and is a trendline which originates from the high at 1.3850 formed on the 13th October 2022.
Price has also breached the recently formed daily highs of 1.3700 which formed on 7th September 2023.
This could lead to price moving much higher in particular the highs at 1.3850 which formed on 10th March 2023.
On the daily (D1) chart we can see the Stochastic Oscillator is showing bullish momentum.
We need to anticipate a pullback in order to try and piggyback this current move.
Our Hourly (H1) time frame is not near the 50MA at this moment in time and we would like to see this gap close before looking to long the market.
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