Trade Setups In Canadian Crosses – BOC In Focus! - Forex News by FX Leaders

Trade Setups In Canadian Crosses – BOC In Focus!

Posted Wednesday, September 6, 2017 by
Arslan Butt • 1 min read

What's up fellows, hope you are enjoying our forex trading signals and analysis. As my buddy, Rowan shared his insights on the BOC Monetary Policy decision and forecast, it seems a fine day to trade Canadian crosses. Buckle up for exciting trade setups…

CAD/JPY – Bullish Channel & Oversold Market

Technically, the CAD/JPY is trading in a bullish channel and it's heading lower to test the bullish trend line support at $87.300. On the 4- hour timeframe, the pair has crossed below the 50- period moving average. This shows a selling sentiment of investors.

CADJPY - Bullish Channel & Potential EntryCADJPY – Bullish Channel & Potential Entry

Besides this, the momentum indicators RSI & Stochastics are holding at 4. Yeah, it's in a massively oversold territory and this can force the pair to pull back.

CAD/JPY – Trading Plan

The idea is to take a buy entry at $87.300 with a stop loss below $87 and take profit at $88.200.

CAD/CHF – Descending Triangle Pattern

Just like CAD/JPY, the CAD/CHF is also trading in the oversold territory giving us a signal that soon this pair will show us a buying opportunity. We can also see a descending triangle pattern on the 2- hour chart, which is supporting the pair at $0.7695.

CADCHF - 2 Hours - Triangle PatternCAD/CHF – 2 Hours – Triangle Pattern

The leading indicators are massively oversold, and most of the investors are waiting for the Canadian monetary policy to determine further trends.

CAD/CHF – Trading Plan

We need to keep a close eye on $0.7685, as above this, the pair can pull back higher to target $0.7720.

Good luck & trade with patience!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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