TGIF Great traders
So excited, its the end of the trading week and the beginning of the weekend guys.
Let’s not waste any more of our time, now straight to the charts…
1. CAD/JPY
So, we have a classical HEAD and SHOULDER pattern printed on the CAD/JPY 4 hours time frame.
Price is currently resting on both the neckline of the head and shoulder pattern and the daily ascending trend line which is on price level 85.701. If price breaks out from the current support level, we should see the bears take price to its next support level which is below level 84.729.
However, if price bounces off the current support level, we should see price head back to its next resistance level (86.236).
2. USD/CAD
USD/CAD is presently on a KEY RESISTANCE level.
For the last 2 days, US dolls have been stronger than the Canadian dollars. The current resistance level (1.30815) will be testing the USD’s strength. If a breakout happens, we may see the bulls taking price to the next resistance level (1.31238).
On the other hand, if the USD loses steam at this level, the bears may come into the market and take price to a support level somewhere below 1.30582.
Which ever way the market flows, note that its a Friday, markets could be a little inconsistent. I suggest you don’t hold trades for long, and that’s if you are trading at all.
Do have a great day guys and enjoy your weekend
