Weekly trade idea on USD/CAD
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Week: 18-22.01.2021
Key event: CAD. Interest Rate
The interest rate at which major financial institutions borrow and lend overnight funds between themselves;
We expect a similar reading to the previous month.
Until release day, we expect a continuation of the actual trend. A negative surprising data value could reverse the actual trend direction.
Key Levels:
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Resistance 1.2800, 1.2900
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Support 1.2635, 1.2530
Trend USD/CAD:
Bearish
Last week, Price broke important support levels and closed with a bullish engulfing candlestick. We can expect some bullish pressure or consolidation at the beginning of next week.
Call to Action/Trade Idea
We will look for any opportunity to join the bearish trend. Any retracement or pullback. Only an unexpected important negative release might overturn the actual bearish trend.
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