USD/JPY: intraday trading
Volatility has greatly diminished in USD/JPY. The pair is consolidating in a narrow range on H4, and a breakout is coming.
USD/CAD: loonie wants freedom
Recommendation:
BUY 1.2905
SL 1.2850
TP1 1.3105 TP2 1.3155 TP3 1.3275
On the daily chart, USD/CAD approached the upper border of the 1.2665-1.2900 consolidation range. A break of resistance at 1.2900-1.2930 will increase the odds of advance towards 200% target of AB=CD. The pullback, on the other hand, will lead to further consolidation.
On H1, USD/CAD is forming a “Widening wedge”. A successful test of resistance at 1.2890-1.2905 will allow the formation of point 5. Judging by trading volumes, there are positions of large sellers near 1.2890.
Ivan Karamazov
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