Our free forex signals service trade today is a buy order on the USD/CAD pair.
The USD/CAD pair dropped a little in the short term but the bias remains bullish as long as it stays above the near term support levels. The p[rice slipped lower as the Dollar Index reached a resistance area. Also, the Loonie is strong in the short term as the Canadian retail sales data come in better than expected on Friday.
The currency pair has extended its growth as the DXY jumped higher after its temporary decline. The USD is still strong as the Federal Reserve is expected to take action soon after higher inflation reported by the United States.
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US Existing Home Sales Expected At 6.20M
Despite the current drop, the USD/CAD could still grow after testing and retesting the immediate downside obstacles. The US is to release its Existing Home Sales later today. The economic indicator could drop from 6.29M to 6.20M. Better than expected data. Tomorrow, the US Flash Manufacturing PMI and the Flash Services PMI could really shake the markets and could bring sharp movement. The manufacturing and services sectors are expected to report positive figures, that’s why the current USD depreciation could be only a temporary one.
Technically, as long as the price is located above the uptrend line, the USD/CAD could still grow. 1.2604 former high stands as a static support. A new higher high could activate an upside continuation!
Free forex signals – BUY USD/CAD at 1.2665
Free forex signals entry price and takes profit
Instrument: USD/CAD
Order Type: BUY STOP
Entry price: 1.2665
Stop Loss: 1.2601
TP1: 1.2748
My Risk: 1%
Risk / Reward Ratio: 1: 1.3
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