USDJPY Breaches 150.00 : USDCAD Above Highs
Thurs 26th October 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- USDCAD (Primary Focus Pair)
- EURNZD (Covered In Video)
- USDJPY (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
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.
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