GBPAUD In Profit : USDCAD Reaches Resistance
Fri 27th October 2023 : Daily Forex Strength Analysis
Today we’re looking at Trading Setups in:
- USDCAD (Primary Focus Pair)
- GBPAUD (Covered In Video)
- EURNZD (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
| USDCAD (Long) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.3750 | ||
| Entry Price | If Alert Gets Triggered Place Buy Stop Order 1.3770 | ||
| Stop Loss (Min) | 1.3730 | -40 Pips | |
| Stop Loss (Max) | |||
| Profit 1 | 1.3850 | +80 Pips | 1 : 2 |
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
USDCAD is the only currency highlighted on the live forex strength vs weakness tables today.
USD is S2 on both tables, and CAD is W2.
On the slate today we have CORE PCE Price Index data out of the US at 1.30pm BST.
This high impact data could impact the strength or weakness of the USD.
USDCAD has recently traded through key D1 resistance highs of 1.3750.
D1 resistance of 1.3750 could now turn into support as price is trading above it.
Yesterday, the USDCAD price rallied into a key W1 and D1 resistance zone around 1.3850.
Due to price being at this resistance zone, going long would be risky.
We need to wait for price to move back into support which is the D1 highs of 1.3750.
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Primary Focus Pair Chart:
Technical Observations:
- CAD is W2 and USD is S2 on the day traders table.
- Daily chart shows breaching through a key level of resistance at 1.3750.
- Price has reached key resistance of 1.3850.
09:00 GMT/BST Forex Strength Vs Weakness Tables:
