USDCAD broke the channel

USDCAD has been trading in an uptrend channel for the last 7 0r 8 trading days .

After the us fed declared that the economy is still in pace and working fine with employment figures and wages . No assessment of the inflation has been mentioned so the dollar reversed the gains momentarily.

Of course , personally believe that charts rule and the fundamentals are just the catalyst. Fundamentala come out at the perfect time to make the markets move in the right direction.

Anyway , as below screenshot of #usdcad chart on the 4h time frame , the pair is holding above the 200 MA and first area of support lies around 1.3130 area , the pair ia expected to fall to this area and beyond after breaking the channel.

Usd recovering against the board

The dollar has been regaining some strength since friday noon. Usdjpy has recovered 100 pips from 107.30¥ ...the pair might face some tough resistance at current area, however i think we might be heading towards 110.80¥ soon. Resistance area can be found at 108.40 followed by very tough resistance at 108.80¥. If broken , we will have clear way to break the medium term downtrend andstart building new bullish trend targeting a break above 115¥ in the medium term. I am on the side of that reversal scenario unless we see a decisive break below 106¥ on daily or weekly close.

Gbp/Usd bearish below 1.2980$

The pair broke below the rising trendline in red as shown in the chart below. It is also trading below 200 hour moving average. There is horizontal resistance at 1.2980$ area followed by 1.3080$ area. Being Short is favorable with stop loss above 1.3080$. Target should be around 1.2640$ , you can book some profits at 1.2780$.

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