We have outlooked several promising Forex pairs and the result can surprise you!
USD/CAD is facing resistance
Information is not investment advice
USD/CAD spiked towards the resistance in the 1.3350 area (the 61.8% Fibo retracement of the May-July advance) but failed to close above the 100-day MA at 1.3305. The pair’s at the upper border of the uptrend channel and can experience some correction. There’s a “Head and Shoulders pattern on H1 that confirms such a scenario. The initial target will be at 1.3247 (100-hour MA, 50-week MA). Given the fact that the price is still in an uptrend from the end of July, it will be necessary to look for buy opportunities in the 1.3225/1.32 area.
GBP/USD is moving inside the ascending channel. Since it’s in the lower part of this channel, the pair should reverse up and continue moving in zig-zag.
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