Technical: USDCAD has stalled in recent weeks, signaling a potential topping pattern. A recent break of the short-term trend suggests a deeper correction may follow. Key resistance is at 1.4355, offering a favourable risk-reward short opportunity.
Fundamental: The U.S. dollar remains weak, with commercial participants showing little interest in buying. Meanwhile, the Canadian dollar is seeing increased accumulation, indicating a potential shift in momentum.
Seasonal: Historically, from March 24 – April 30, USDCAD has declined 76.2% of the time over the past 21 years, with an average drop of 1.30%.
Trade Idea:
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Fundamental: The U.S. dollar remains weak, with commercial participants showing little interest in buying. Meanwhile, the Canadian dollar is seeing increased accumulation, indicating a potential shift in momentum.
Seasonal: Historically, from March 24 – April 30, USDCAD has declined 76.2% of the time over the past 21 years, with an average drop of 1.30%.
Trade Idea:
- Sell: 1.4355
- Stop Loss: 1.4551
- Target: 1.3948
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.