The interesting aspect to the USD/CAD trade this week was CAD from Monday to Wednesday traded 1.3098 to 1.3160 or 62 pips while GBP/USD traded 219 pips from Monday to Wednesday.

While CAD remained a dead issue to trade in tiny ranges Wednesday, it alowed GBP/USD to completely reverse its 219 downside gains to trade back to almost its excact weekly entry point at 1.3062.

GBP/USD then offered another trade short from almost its exact weekly entry point from 1.3049 and 1.3062. If USD/CAD traded in its proper form as the exact opposite pips to GBP/USD then GBP/USD would've never traded back to its weekly entry point. GBP/USD would've traded to its target price at 1.2896 then reversed to our point at 1.2954 and remained in this trading vicinity for the remainder of the week.

its rare when 2 of the exact trades occur in the same week but it happens and when it does, its free money and an easy trade offered by the market. Normally, GBP/SD and USD/CAD trade in tandem as GBP/USD moves provide a check to USD/CAD or USD/CAD prevents GBP/USD from trading outside ranges or double trades.

GBP/USD close today is expected at 1.2942 while USD/CAD close is expected at 1.3242 and 1.3262. Not a terrific location for next week's trades however long USD/CAD and short GBP/USD will remain the order for next week. The lower for USD/CAD to close then the more pips will be earned next week. Conversely, the higher for the GBP/USD close then the more pips will be earned next week.

USD/CAD

Long Anywhere or 1.3104 and 1.3100 to target 1.3341 Lows 1.3098, Highs 1.3259 trade runs +161 pips and target not yet achieved. Profit however is built into today's price as today's bottom is located at 1.3168. Note to entry long anywhere. Did an entry matter, only targets matter while entries are secondary to any trade.

Trading currencies and other financial instruments carries a degree of loss and possible loss of entire investments. Please managed your own risks, stop loss, and margins requirements.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

AUD/USD battles 0.7100 as USD picks up bid on souring sentiment

AUD/USD eases from a weekly high of 0.7137 and flirts with 0.7100. The US dollar gains its feet across the board amid risk-aversion after American intelligence officials said that Russia and Iran have attempted to interfere in next month’s presidential election.

AUD/USD News

USD/JPY bounces off monthly low towards 105.00 as market optimism fades

USD/JPY retraces the biggest losses in two months from 104.34. S&P 500 Futures, Nikkei 225 drop around 0.50%, stocks in Pacific are also down. Japan’s All Industry Activity Index, risk catalysts will be the key to watch.

USD/JPY News

Gold bulls await fresh clues to probe monthly top below $1,950

Gold buyers catch a breather above $1,920 after posting the biggest gains in a fortnight. COVID-19 data from US states, Victoria propel fears of wider wave 2.0. US Initial Jobless Claims, aid package updates will be the key.

Gold News

WTI: Buyers lurk around 100-day EMA

WTI bounces off $39.83, the lowest in one week, to battle 50% Fibonacci retracement. EIA inventories recovered from -3.818M prior, -1.021M forecast. The energy benchmark dropped the lowest since October 15 the previous day.

Oil News

2020 Elections: Trump is is showing signs of a comeback, will the dollar follow?

"It ain't over till the fat lady sings" – goes the adage which is relevant for the 2020 Presidential Elections as well. Two weeks ahead of election day, there are signs that incumbent Donald Trump is clawing back some support, raising the chances that the race could drag on for longer.

Read more

Forex Majors

Cryptocurrencies

Signatures