USDCAD has rejected the same resistance zone 3 times already and with the CAD news coming up later this week we could easily expect some strong moves coming out of this pair. USD may continue to look bearish also making this pair an ideal pair to be trading! What are your thoughts? Follow my instagram @bencheungfx for more trade ideas and forex content!
With the Canadian Dollar news coming I have a good feeling that the saying "Show me the chart and i'll tell you the news" will remain true here and push the strength of CAD. Technical analysis shown in the image above displays a breakout of a down trend with the pair failing to make a lower low I expect a brief retest and an impulsive move up.
AUDNZD Rejected a supply zone towards the end of next week creating a drop base drop pattern. With this we can assume that price will continue lower potentially after a retest of the same supply zone.
AUDUSD set up going into the new week, what are your thoughts? Will it rise or drop?
GBPCAD's price is currently sitting around the 0.618 Fibonacci level which we all know is a key zone for a heavy pullback. With this in mind price is currently forming a rising wedge and currently sitting at the resistance area making our Risk:Reward for this trade look very enticing indeed. What do you guys think?