Weekly trade idea on USD/CAD

Gil Ben Hur The5ers Fund

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:

Resistance 1.2800, 1.2900
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.

Author

Gil Ben Hur

The5ers Fund

Gil Ben-Hur is the founder and CEO of The5ers Funding Traders & Growth Program. Starting his trading career in 2007, as an independent portfolio manager, in 2011 he established a free education forums website dedicated to pricing action trading.

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