USD/CAD technical analysis for 24-28 oct.

Check below chart to get a glimpse of where we are standing now.

The pair has been advancing since poloz speech making a hammer candle on the 4h chart and posting 250 pips more.

The pair is currently capped by the upper trendline of the ranging channel. We can issue a short trade here looking to take profit at 1.2960

The stop loss is on daily close above the 1.3350 area.we would issue a long position then targeting 1.3650;

P.S: The long position issued at 1.3054 closed at 1.3320

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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