Our free forex signals service today looks at the USD/CAD and we have the entry, stop and take profits levels for you.
At the start of the European session, the USD/CAD pair continues to consolidate from the previous session. A tight trading range and a positive outlook characterize the pair’s trading activity.
The USD/CAD exchange rate is currently trading at 1.2527, down 0.05% on the day.
After testing the 91.80 lower in the previous session, the US Dollar Index (DXY), which tracks the dollar against six major rivals, is above 92.20. Commentary from the Fed helped the US dollar to become more attractive.
–Are you interested to learn more about forex signals? Check our detailed guide-
Under the pretext of the incredible pace of economic recovery after the Coronavirus pandemic, Federal Reserve Deputy Chairman Richard Clarida told Reuters that the Fed might raise rates in 2023.
The San Francisco Federal Reserve President Mary Daly also spoke similarly when she said that tightening could occur later this year or in early 2022.
Meanwhile, the fall in crude oil prices put pressure on the Canadian dollar. Oil demand was greater than expected due to the rapid spread of delta options and a significant increase in US crude oil inventories.
The first US jobless claims are due tomorrow, Fed Waller’s speech is expected tomorrow, and Canada’s trade balance will provide a new stimulus for the trading market.
USD/CAD free forex signals
Instrument: USD/CAD
Order: SELL STOP
Entry price: 1.2511
Stop Loss: 1.2597
TP1: 1.2336
Recommended Risk: 1%
Risk / Reward Ratio: 1:2
Signal validity period: Good until cancelled
Looking to trade forex now? Invest at eToro!
67% 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.
Share
Saqib Iqbal
