Trade Recommendations for current Session
Today I’m looking for buying opportunities on USD/CAD following further gains by the USD which is currently experiencing tremendous strength this is likely to continue given positive data is anticipated from the US NFP figures,in addition to this we have the Bank of Canada rate statement which is expected to be dovish.
You could look to buy this pair around the 1.09250 area with a profit target of 1.09450 to 1.09500 and a SL at 1.9150.
Overall Bias on this trade
I am expecting to see further strength from the USD given positive data releases are expected throughout the week finalising with the NFP release on Friday, if we see anything over200k we can expect to see a further boom the dollar. As we know the CAD is very data dependent and the BoC is actively trying to devalue the currency so we can expect to see them come out dovish later today and cause a nice USDCAD rally.
When taking any positions on this pair I would strongly advise that close attention is given to those two key data releases as there is the possibility albeit marginal that the US data could come out negative where we’d see the USD dump or the BoC could have positive data again albeit unlikely where we’d see the CAD rally, as the CAD is perhaps the most influenced currency on the market by its central bank.
At no time should anyone view the information presented anywhere on this website as advice, recommendation or proven. Everything reflected is merely opinion and may not be accurate. The purpose of the site is to express the opinions and views of Jarratt Davis. There is no intention to offer specific help, advice or suggestions to anyone reading any of the content posted here.
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