Trade Setups In Canadian Crosses – BOC In Focus!
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 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.
CAD/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!