Technical view
USD/CAD is currently in descending channel, on Daily time frame, we can see a breakout from that trend line at 1.30191. The first resistance area is from 1.3314 to 1.3344. I will wait for price action confirmation from sellers to move lower. Otherwise, if that resistance area would be broken I will be watching how the price will react to the next resistance area from 1.3390 to 1.3418 and potential price could touch the upper line of descending channel. You also can see marked support zones, there will be my potential TP. I think USD/CAD will go to 1.2900 in the near future. So Risk Reward Ratio is very good for short trades.
Fundamental view
The Federal Reserve's meeting on September 18 is the most important calendar event in the week ahead. There is no doubt that it will deliver another 25 bp rate cut. There is also a possible objection by Bullard to deliver a 50 bp cut. There are three other major central banks meeting on September 19, the day after the FOMC meeting concludes: The Bank of Japan, the Swiss National Bank, and Norges Bank of Norway.
Saudi Arabi a lost about 5.7 million barrels per day of output after attack on the Oil facility this weekend, so Oil analysts expect prices to jump at least $5 to $10 a barrel. USD(CAD and Oil is correlative in the market which means if Oil goes up, USD/CAD goes down. With all that in mind, I will look for sell positions on this pair.
USD/CAD is currently in descending channel, on Daily time frame, we can see a breakout from that trend line at 1.30191. The first resistance area is from 1.3314 to 1.3344. I will wait for price action confirmation from sellers to move lower. Otherwise, if that resistance area would be broken I will be watching how the price will react to the next resistance area from 1.3390 to 1.3418 and potential price could touch the upper line of descending channel. You also can see marked support zones, there will be my potential TP. I think USD/CAD will go to 1.2900 in the near future. So Risk Reward Ratio is very good for short trades.
Fundamental view
The Federal Reserve's meeting on September 18 is the most important calendar event in the week ahead. There is no doubt that it will deliver another 25 bp rate cut. There is also a possible objection by Bullard to deliver a 50 bp cut. There are three other major central banks meeting on September 19, the day after the FOMC meeting concludes: The Bank of Japan, the Swiss National Bank, and Norges Bank of Norway.
Saudi Arabi a lost about 5.7 million barrels per day of output after attack on the Oil facility this weekend, so Oil analysts expect prices to jump at least $5 to $10 a barrel. USD(CAD and Oil is correlative in the market which means if Oil goes up, USD/CAD goes down. With all that in mind, I will look for sell positions on this pair.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.