USDCAD Trade Idea (3rd December 2019)Currency Pair: USD/CAD
Timeframe: H1
Date/Time of Signal: 3rd December 2019 / 1600hrs (SGT)
Review:
Yesterday (2nd December 2019),
1) US ISM Manufacturing PMI data released at 48.3 below forecasted of 49.0 which is a 3 months consecutive industrial contraction.
2) US Commerce Secretary Wilbur Ross indicated that US will increase Tariffs on Chinese goods if there are no deal by 15 December 2019.
USD/CAD has been on a ranging and is below the Resistance level of 1.3330.
With the MACD indicating a downward momentum, Trade signaled to sell USD/CAD (Entry: 1.3287) with 3 Take Profit (TP) Targets (TP1: 1.3267, TP2: 1.3247, TP3: 1.3227) and Stop Loss (SL) at 1.3317.
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