Our free forex signals service trade today is a sell order on the USD/CAD pair.
The USD/CAD pair is moving sideways in the short term. The bearish pressure is high as the Dollar Index escaped from a minor up channel signaling potential further drop.
In the short term, the USD is sluggish, that’s why I’m looking for new short opportunities. Today, you have to be careful as the US inflation figures could bring high volatility and sharp movements.
Technically, the price signaled exhausted buyers, so a new sell-off is imminent. Still, we need strong confirmation before taking action.
3 Free Forex Every Week – Full Technical Analysis
US Consumer Price Index 0.4% Expected
Today, the rate will be moved by the fundamentals. The US CPI is expected to register a 0.4% growth in January, while the Core CPI could report a 0.5% growth. In addition, the Unemployment Claims could drop from 238K to 227K in the last week.
From the technical point of view, its failure to make a new higher high signaled that the upwards movement ended and that the pair could turn to the downside. Making a valid breakdown below 1.2650 static support could open the door for a larger downside movement. Only staying above this level and jumping and stabilizing above the 1.2700 psychological level may announce potential growth.
Free forex signals – Sell USD/CAD at 1.2632
Free forex signals entry price and takes profit
Instrument: USD/CAD
Order Type: SELL STOP
Entry price: 1.2632
Stop Loss: 1.2745
TP1: 1.2457
My Risk: 1%
Risk / Reward Ratio: 1:1.55
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