Let’s analyze the trade setups for the 9th of December 2024 based on the daily forex mean values generated by our BroInsights models; these figures also include our latest currency prediction.
USDCAD Currency Prediction
The begining of a new week and we bring fresh Currency Predictions. Take a look at the below 15 min chart of the USDCAD. Even though there was a huge volume stuck in the past week when the market closed, there was no break in price. Instead then price kept on rising. We were able to draw a Trend line that showed 3 touch points and in the 3rd touch point the price has shown that it broke the trend line. And by considering our BroInsights mean value at 1.41031, we can safely place a trade right now. Take a look at the trade setup below;
- Mean Value – 1.41031
- Trade Type – Sell
- Entry – 1.41535
- Stop Loss – 1.41662
- Take Profit – 1.41127
- Risk to Reward Ratio – 3.21
Also FX Street on their latest analysis did mention that USDCAD extends upside above 1.4150 on bets for big BoC cut. They mentions that the US Non Farm Payrolls did come in stronger than expected, rising by 227K in November vs. 36K (revised from 12K) prior.
GBPUSD Currency Prediction
And now we are back to one of our favorites, the GBPUSD currency prediction. The BroInsights model predicts that the price is set to come down to 1.27302 which is a pretty big gap considering its current price. However, the NEW YORK market is yet to open and we have set our trade targetting it. We have marked a trend line in this 15 min chart of GBPUSD. It only have 2 touch points and so far it seems solid. Follow the below trade setup;
- Mean Value – 1.27302
- Trade Type – Sell
- Entry – 1.27965
- Stop Loss – 1.28133
- Take Profit – 1.27580
- Risk to Reward Ratio – 2.29
Markets cheer boosting danger sentiment as traders disregard geopolitical risks and rearrange ahead of the US inflation test, making it difficult for the United States Dollar to collect strength. Check out what FX Street has to say about the current situation on GBPUSD.
Disclaimer: Forex trading carries significant risk and may not be suitable for all investors. This analysis, based on Bro In Finance’s proprietary data, is provided for informational purposes and should not be considered investment advice.
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