The USD/CAD has been in a 6.85% rally since it bottomed around the 1.20 back in May and with the USD rallying after the Fed hinted at 2 rate hikes by the end of 2023 shorting here would be counter-intuitive right? Well here's the thing, this is a Canadian Dollar driven trade. 

The CAD inde3x has broken out of the immediate bearish structure and its rally as oil prices surge from the lows after the OPEC announcement on driven higher weekly outputs. 

Watch this video and see the full rationale behind this trade idea. 

Join FXTE VIP Group now!

The interpretation and use of the tradeing signals and market analysis generated by FXTE is at the sole discretion of the customer, subscriber, member or trader. FXTE and its owners shall not be responsible for any claims in losses directly consequential of any trading activity.

Feed news

Latest Forex Analysis

Latest Forex Analysis

Editors’ Picks

EUR/USD hovers around 1.1900, retains weekly gains

The EUR/USD pair trades around the 1.19 mark after the Eurozone Q2 Prelim GDP beat estimates with 2% while US PCE inflation rose by less than anticipated in June, printing at 3.5% YoY. Risk-on mood persists.


GBP/USD retreats after flirting with 1.4000

GBP/USD retreated from near the 1.4000 level, but the greenback remains away from investors' radar. Optimism over the Brexit issue and the declining trend in new COVID-19 cases in the UK offers support to the pound.


XAU/USD slides to $1,820 area, downside seems limited

Gold traded with a mild negative bias around the $1,825 region, or daily lows, during the early North American session, albeit lacked any follow-through selling.

Gold News

Shiba gets listed on eToro as demand for SHIB skyrockets

Leading investment platform eToro has been adding cryptocurrency assets on popular demand from users. The Dogecoin killer recently amassed 600,000 holders despite range-bound price action. 

Read more

NIO shares rise again as Wall Street shrugs off recent China woes

NYSE:NIO added 1.86% as EV and China stocks bounced back again. Nio rides higher as industry leader Tesla gets some major upgrades. Nio rival XPeng releases a refreshed look for its compact SUV.

Read more