Free Forex Signals and Forecast: BUY USD/CAD – 16 Nov 2021
Forex Trading Signals

Free Forex Signals and Forecast: BUY USD/CAD – 16 Nov 2021

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 usd/cad 

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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Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.