For our free forex signals, today we have the USDCAD instrument, in which we recommend a buy. See the entry and stop levels below. The US dollar continues to give back some of last week’s gains after the dovish assessment coming out of the Fed’s FOMC meeting. But the bulls are also being held back by economic data that is sending out mixed signals. Nevertheless, this period of consolidation should not be taken as the end of the long game for the US dollar, hence we eye a short-term buy opportunity in USD/CAD. Trade Forex Now! US jobless claims came in at 411k but that was ahead of market expectations that had pencilled 380k, suggesting that some of the steam might be coming out of the bounce back. The durable goods reading didn’t provide much joy either. It showed growth of 2.3% which would have been very good for normal conditions, but the market had been expecting a number closer to 2.8% to confirm the reflation trade. Up at 13:30 EST is the US Price Consumption Expenditure Index (PCE) Index, Core PCE and Personal Income and Spending. Traders will looking for further signs to gauge how not the economy is running to inform their next moves in the market. USD/CAD forecast: Canadian dollar to give back some gains Meanwhile, the Canadian dollar continues to firm against the US buck, helped by strong economic data. The country’s closely watched Trade Confidence Index is now at a 20-year high, while manufacturing activity expanded by 1.0%. The good news on the manufacturing side was in sharp contrast to the April data that showed a contraction of 2.1%. The gyrations reflect the different lockdown situations. The Covid vaccine rollout continues at pace, with 58.7% of the the population (19.5 million) 12 and older having been partially vaccinated in Canada. Wholesale Sales were up 1.1 month on month. Crude oil price slips, hurts CAD However, the key driver of Canadian dollar strength continues to be the surging price of crude oil, which is currently trading at three year highs. WTI crude is currently price at $73.06 and is down 0.34% in the session at the time of writing Crude oil is a key Canadian export and can range in value from between 11% up to 20% of total exports. With crude oil off a little so far today, traders may take that as an excuse to pocket some profits on CAD, which will help USD/CAD. Now let’s get to the price signal: Trade Forex Now! Free forex signals USDCAD – Buy Instrument: USDCAD Order: BUY-STOP Entry price: 1.2345 Stop Loss: 1.2249 TP1: 1.2484 Recommended Risk: 1% Risk / Reward Ratio: 1:1.45 Signal validity period: Good until cancelled Get Free Forex Signals – 82% Win Rate! Get FREE Forex Signals Now! 3 Free Forex Every Week – Full Technical Analysis Gary McFarlane Gary McFarlane Gary was the production editor for 15 years at highly regarded UK investment magazine Money Observer. He covered subjects as diverse as social trading and fixed income exchange traded funds. Gary initiated coverage of bitcoin and cryptocurrencies at Money Observer and for three years to July 2020 was the cryptocurrency analyst at the UKâ€™s No. 2 investment platform Interactive Investor. In that role he provided expert commentary to a diverse number of newspapers, and other media outlets, including the Daily Telegraph, Evening Standard and the Sun. Gary has also written widely on cryptocurrencies for various industry publications, such as Coin Desk and The FinTech Times, City AM, Ethereum World News, and InsideBitcoins. Gary is the winner of Cryptocurrency Writer of the Year in the 2018 ADVFN International Awards. View All Post By Gary McFarlane Canadian Dollar ForecastForex Trading SignalsMajors share Read Next Bitcoin Price Prediction: Bulls Eye Weekend Climb Above $35k Gary McFarlane 6 months For our free forex signals, today we have the USDCAD instrument, in which we recommend a buy. See the entry and stop levels below. The US dollar continues to give back some of last week's gains after the dovish assessment coming out of the Fed's FOMC meeting. But the bulls are also being held back by economic data that is sending out mixed signals. Nevertheless, this period of consolidation should not be taken as the end of the long game for the US dollar, hence we eye a short-term buy opportunity in USD/CAD. 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