USDCAD BUY TRADE BASED ON BOC DECISION
Updated
Fundamentals- After publishing a dovish statement lat month, BOC is expected to cut-rate tomorrow. The market is expecting a global cut-rate this year. Coronavirus has a negative impact on oil prices. Since cad strength strongly depends on the oil price, I am forecasting cad to be depreciated against us dollar. Hence this USDCAD BUY trade idea.
IMPORTANT- BOC CASH RATE and CORONAVIRUS is the most important 2 factors behind this idea.
Technical- Usdcad pair has broken the trendline of a major downtrend channel.
*************************************************************
I only trade AUD AND NZD related pairs and some major fundamentals events. I closely monitor CHINEESE STOCK MARKET, NEWZEALAND AND AUSTRALIAN ECONOMY to do my analysis.
After years of fx trading, I've found, it's best to trade with 1 or 2 currency pairs. Narrow focus brings the best result in the forex market.
I try to post and update my trade ideas every week. Follow me, if you like my analysis.
I use both fundamental and technical analysis to generate trade ideas. I don't feel comfortable placing orders based on just some random indicators. I look for strong fundamental reasons and these indicators help me to achieve a great risk to reward ratio.
May we all gain some Pips. Happy trading...
I also manage investor's funds and give forex signals. Feel free to contact me if you are interested.
Feel free to contact me for any forex related issue
CONTACT INFO:
Email: mr908fardungmail.com
Telegram and what's app: +8801610226090
MYFXBOOK: FARDUN908
IMPORTANT- BOC CASH RATE and CORONAVIRUS is the most important 2 factors behind this idea.
Technical- Usdcad pair has broken the trendline of a major downtrend channel.
*************************************************************
I only trade AUD AND NZD related pairs and some major fundamentals events. I closely monitor CHINEESE STOCK MARKET, NEWZEALAND AND AUSTRALIAN ECONOMY to do my analysis.
After years of fx trading, I've found, it's best to trade with 1 or 2 currency pairs. Narrow focus brings the best result in the forex market.
I try to post and update my trade ideas every week. Follow me, if you like my analysis.
I use both fundamental and technical analysis to generate trade ideas. I don't feel comfortable placing orders based on just some random indicators. I look for strong fundamental reasons and these indicators help me to achieve a great risk to reward ratio.
May we all gain some Pips. Happy trading...
I also manage investor's funds and give forex signals. Feel free to contact me if you are interested.
Feel free to contact me for any forex related issue
CONTACT INFO:
Email: mr908fardungmail.com
Telegram and what's app: +8801610226090
MYFXBOOK: FARDUN908
Note
Bank of Canada cuts rates by 50 basis points vs a 25 cut expectedTrade closed manually
OPEC is trying to cut oil output. if they di, this chart analysis will no longer be valid. Close his trade with some profitNote
CLOSING THIS TRADE WAS A WRONG MOVE. I THOUGHT AT THE LAST OPEC MEETING, LEADERS WILL TAKE INITIATIVE TO INCREASE OIL PRICE. BUT THAT MEETING IN JUST 20 MINUTES WITHOUT ANY DECISION. MOREOVER, SAUDI ARAB SAID THEY WILL INCREASE THEIR OIL PRODUCTION BY 10O%. THIS KIND OF NEWS AND CORONA FEAR IS THE MAIN REASON OF TODAY'S OIL PRICE CRASH. AS THE OIL PRICE FELL, SO DID THE CAD
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.