Today’s free forex signals service is a buy on the USD/CAD as we expect the market to observe dollar strength after the upbeat US retail sales.
The pair trades positively near 1.2660 but remains below 1.2712, in which a bearish trend is expected to extend to 1.2600, which should then complete at 1.2495. However, breaking the 1.2712 mark will alter the market bias.
Stochastic is clearly indicating the expected decline remains in force if 1.2720 holds.
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Electoral jitters can cause USD/CAD’s rally to fade, resulting in less government spending and tax relief. Thus, there are prospects for reducing inhaled growth and easier reflection form through the case of global factors. The result of the wide USD offer will be another event allowing USD/CAD to rise to 1.28.
Oil prices fell on Friday as more supply returned to the USA Gulf of Mexico market after two hurricanes. Still, both reference contracts are on track, with weekly gains from about 4% to see the restoration of backward demand.
US West Texas Intermediate (WTI) oil price decreased by 18c, or 0.3%, on Thursday.
The two contracts were on track to rise almost 4% per week because of a question in the US Gulf of Mexico slowing down, as expected, after the hurricane, Ida, damaged a few objects in August and the tropical storm Nicolae this week.
Moreover, rethinking about the Fed seems to be probing the bears. According to Reuters, recent surveys show that 51 economists are looking forward to a meeting in November, while food inflation worries them. In addition, the study provides proof that the US economy is witnessing negotiations in the pipeline and vaccines on the road to the presence of the last consolidation.
In the meantime, S&P 500 futures remain directed, while 10-year US Treasury bonds returned in the range of 1.33%.
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Free forex signals – Buy USD/CAD at 1.2712
Instrument: USD/CAD
Order Type: BUY STOP
Entry price: 1.2712
Stop Loss: 1.2612
TP1: 1.2817
Our Risk Setting: 1%
Risk / Reward Ratio: 1:1.06
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Saqib Iqbal
