Our free forex signals service trade today is a sell order on the USD/CAD. The pair will go downside if the CAD finds bullish momentum.
The USD/CAD pair rallies in the short term as the Dollar Index remains bullish. In the short term, the rate developed a triangle pattern to extend its sideways movement before escaping from this formation.
Technically, we’ll have to wait for fresh trading opportunities. As you already know, the USD remains bullish as the FED is expected to hike rates in the upcoming meetings. Still, the DXY could retreat a little after its amazing rally.
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Fundamentally, the US and the Canadian economic data could bring some action later today. For example, the US Housing Starts could be reported at 1.74M, while the Building Permits indicator is expected at 1.83M. On the other hand, the Canadian Housing Starts could come in at 249K, while the Foreign Securities Purchases are expected to rise from 13.49B to 15.23B.
Canadian Consumer Price Index
Tomorrow, the Canadian inflation data could shake the market and bring sharp movements. The CPI is expected to register a 0.9% growth in March versus 1.0% growth in February.
From the technical point of view, staying below the ascending pitchfork’s median line (ml) and registering only false breakouts above the triangle’s resistance may signal a new sell-off.
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Free forex signals – Sell USD/CAD at 1.2562
Free forex signals entry price and take-profit
Instrument: USD/CAD
Order Type: SELL STOP
Entry price: 1.2562
Stop Loss: 1.2666
TP1: 1.2401
My Risk: 1%
Risk / Reward Ratio: 1:1.55
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