Weekly trade idea on USD/CAD

Gil Ben Hur The5ers Fund

Week: 19-23.04.2021

Key event: CAD. Interest Rate

Interest rate at which major financial institutions borrow and lend overnight funds between themselves;

We expect a similar reading than the previous month.

Until release day, we expect a continuation of the actual trend. A negative surprising data value could reverse actual trend direction.

Key Levels:

Resistance 1.2630, 1.2750, 1.2900
Support 1.2400, 1.2255

Trend USD/CAD

Bearish

Price has been respecting a down channel, reacting to horizontal and diagonal resistance. This scenario may change with fundamental announcements.

Call to Action/Trade Idea

We will look for buying opportunities near support. A breakout of the bearish channel will provide us opportunities to buy on retracements.

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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