USD/CAD – Week 8 – Heading for a new low.
Updated
USD/CAD witnessed some heavy selling for the second successive session on Friday. The Canadian Dollar benefited from a weak US Dollar and also seemed to be obtaining some support from a sharp rise in Canadian bond yields.
Technically speaking, we expect the price to continue its bearish move inside the channel, creating a sequence of lower-lows and force some buyers out of their positions. Our mid-term bias stands towards a bullish move, but at the moment we don’t have any confirmation for that.
Keep an eye on Wednesday’s Annualized GDP data for the US Dollar as it may impact the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically speaking, we expect the price to continue its bearish move inside the channel, creating a sequence of lower-lows and force some buyers out of their positions. Our mid-term bias stands towards a bullish move, but at the moment we don’t have any confirmation for that.
Keep an eye on Wednesday’s Annualized GDP data for the US Dollar as it may impact the pair.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Trade closed: target reached
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