Momentum Fading : CAD Weakness Led To Profits
Fri 14th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CADCHF (Primary Focus Pair)
- NZDCAD (Covered In Video)
- USDJPY (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADCHF Short | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 0.6580 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 0.6625 | -45 pips | |
| Profit 1 | 0.6500 | +80 pips | 1: 1.78 |
| Profit 2- |
Details:
CAD weakness has helped us profit on multiple currency pairs this week including GBPCAD and CADCHF.
We feature CADCHF today as our forex pair in focus as price has broken down through a key level of support.
This has opened up an opportunity for us that could see the price of CADCHF trade lower towards the May 2023 lows at 0.6500.
The momentum in the market appears to be fading as we are at the end of the week.
That being said we could still look for a short opportunity on a pullback.
The H4 chart shows price forming a resistance around 0.6580.
If price reaches this resistance sellers may resume the trend from here.
Technical Observations:
- Price is in a strong downward trend.
- Price traded through the support of 0.6625.
- Sellers could re-enter at the 0.6580 minor resistance.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
