Originally updated: 07:30
Trading Bias: SHORT
Currency pair: USD/CAD
Current Sentiment: Bearish
In today’s trading session we will be focussing on selling opportunities on the USD/CAD.
Fundamentals:
Today I will be focussing on the USD/CAD pair, this comes after commentary from the Bank of Canada’s Gov Poloz, where he said last month’s rate cut allows bank to take time to examine how the Canadian economy responds to oil price movements. Which has subsequently caused CAD strength across the board with many traders unwinding their rate cut bets.
(Bear in mind oil prices – if oil prices rally we can expect the CAD strengthen given the CAD’s status as a commodity linked currency).
Technicals:
We expect this pair to fall during today’s session.
There is a decent level of resistance at the 1.2500 level which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be positive for this pair, which would change the sentiment to bullish.
Other Market Moving News:
Relatively quiet overnight session with the antipodean currencies being the main movers prompted by a better than expected Chinese PMI figure, which in turn helped the AUD rally.
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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