Search ForexCrunch

Our free forex signals service trade today is a buy order on the USD/CAD pair. Let’s explore the entry and exit points with the rationale behind it.

The USD/CAD pair maintains a bullish bias, so further rise seems favorable. In the short term, the pair has dropped a little after failing to reach the 1.2836 former high. DXY’s retreat forced the pair to come back to test and retest the immediate support levels before jumping higher.

The currency pair invalidated a corrective phase after registering a false breakdown below 1.2720 former low. The USD received a helping hand from the US ADP Non-Farm Employment Change, which has come in better than expected at 534K versus 524K expected. Also, the ISM Manufacturing PMI was reported at 61.1 versus 60.8 in the previous reporting period.

US unemployment claims expected at 238k

The US is to release its Unemployment Claims later. The economic indicator is expected to grow from 199K to 238K. Better than expected data could boost the USD, while worse than expected data could punish the greenback.

3 Free Forex Every Week – Full Technical Analysis

As long as it stays above the ascending pitchfork’s median line (ML) and above the uptrend line, the USD/CAD pair could extend its upside movement. A new higher high, a bullish closure above 1.2836 could activate further growth and bring us new long opportunities. Personally, I believe that only a valid breakdown below the uptrend line and a new lower low could invalidate an upside continuation.

Free forex signals – BUY USD/CAD at 1.2842

usd/cad free forex signals

Free forex signals entry price and takes profit

Instrument: USD/CAD

Order Type: BUY STOP

Entry price: 1.2842

Stop Loss: 1.2708

TP1: 1.3016

My Risk: 1%

Risk / Reward Ratio: 1: 1.3

Looking to trade forex now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.