Our free forex signals service trade today is a buy order on the USD/CAD. The pair is looking for an upside as it hits the support zone.
The USD/CAD pair plunged in the short term. However, it has reached a major support zone. At the time of writing, the price is located at the 1.2676 level. It seems determined to rebound from here. In the short term, the Dollar Index plunged, so the currency pair’s sell-off was natural.
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Yesterday, the Canadian CPI rose by 1.0% versus 0.9% expected. The greenback was weighed by the US retail sales data, which came worse than expected. The USD failed to take the lead and dominate the currency market even if the FOMC was hawkish. The Federal Funds Rate increased from 0.25% to 0.50%.
US Unemployment Claims 214K
Earlier, the USD received a helping hand from the US Unemployment Claims indicator, reported at 214K in the last week below 221K expected. Furthermore, the Housing Starts and the Philly Fed Manufacturing Index reported better than expected data, while Industrial Production rose by 0.5%, matching expectations.
From the technical point of view, as long as it stays above the 1.2650 – 1.2660 area and within the ascending pitchfork’s body, it could develop a new leg higher in the short term. However, the upside scenario could be invalidated if the price drops and closes below the 1.2650 level.
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Free forex signals – Buy USD/CAD at 1.2704
Free forex signals entry price and take-profit
Instrument: USD/CAD
Order Type: BUY STOP
Entry price: 1.2704
Stop Loss: 1.2635
TP1: 1.2808
My Risk: 1%
Risk / Reward Ratio: 1:1.5
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