Our free forex signals service today is a buy trade order on the USD/CAD pair.
USD/CAD edges higher as the Dollar Index is struggling to resume its upwards movement. The currency pair was into a corrective phase in the short term, but the retreat seems over. Still, you have to be careful as the price will be driven by the fundamentals later today.
The price bounced back after the US Empire State Manufacturing Index came in better than expected yesterday. On the hand, the Canadian Wholesale Sales and the Manufacturing Prices indicators reported worse than expected data.
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US Retail Sales Data Decisive
Later, the volatility could be high as the US retail sales data could shake the markets. The Retail Sales indicator is expected to report a 1.3% growth in October, while the Core Retail Sales could register a 1.0% growth. Moreover, the Industrial Production, Capacity Utilization Rate, and the Business Inventories indicators will be released as well. Canada is to release its Housing Starts, the indicator could jump from 251K to 254K.
Technically, the USD/CAD pair reached the 1.2493 static support and the 50% retracement level where it has found demand. Now, it has jumped above the immediate downtrend line reaching the 1.2533 static resistance. Its failure to stabilize under the weekly pivot point (1.2513) followed by a new higher high could active potential further growth.
Free forex signals – BUY USD/CAD at 1.2542
Free forex signals entry price and takes profit
Instrument: USD/CAD
Order Type: BUY STOP
Entry price: 1.2542
Stop Loss: 1.2477
TP1: 1.2639
My Risk: 1%
Risk / Reward Ratio: 1: 1.51
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