Our free forex signals service trade today is a buy order on the USD/CAD pair.
The USD/CAD pair is trading in the red at 1.2816 level at the time of writing. Still, the current retreat could be only a temporary one.
The price could come back down to test and retest the immediate support levels before jumping higher. Surprisingly or not, the pair resumed its growth reaching a fresh new high of 1.2812 despite DXY’s sell-off.
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Canadian GDP 0.0% Growth Expected
The USD/CAD pair is bullish but it remains to see how it will react later after the Canadian GDP will be released. The economic indicator is expected to register a 0.0% growth versus 0.4% in the previous reporting period. Worse than expected Gross Domestic Product could boost forecasts for the USD/CAD pair.
Furthermore, the US is to release the Chicago PMI and the CB Consumer Confidence, while the Fed Chair Powell Testifies is seen as a high-impact event.
Technically, the rate failed to stabilize above the 1.2799 static resistance and now it could retest the descending pitchfork’s upper median line (uml) or even the ascending pitchfork’s median line (ML). Staying above these levels and coming back above 1.2799 could signal potential further growth. Actually, a new higher high, a bullish closure above the 1.2812 today’s high could activate an upside continuation.
Free forex signals – BUY USD/CAD at 1.2816
Free forex signals entry price and takes profit
Instrument: USD/CAD
Order Type: BUY STOP
Entry price: 1.2816
Stop Loss: 1.2719
TP1: 1.2914
My Risk: 1%
Risk / Reward Ratio: 1: 1
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