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Our free forex signals service trade today is a sell order on the USD/CAD pair.

The USD/CAD pair is trading in the red at the time of writing. The pressure remains high after failing to resume its rebound. So, the bias remains bearish, that’s why I’m looking for short opportunities.

Still, personally, I’ll wait for strong confirmation before considering going short on this market.

3 Free Forex Every Week – Full Technical Analysis

In the short term, the currency pair increased a little only because the Dollar Index has registered a strong leh higher. Technically, the index reached a strong resistance area, so a potential drop is favored. Today, you have to be careful as the fundamentals will drive the pair. 

Canadian CPI -0.1% Expected

Canada is to release its Consumer Price Index today. The indicator is expected to register a 0.1% drop in the last month versus 0.2% growth in November. In addition, the Core CPI and the Wholesale Sales will be released as well. On the other hand, the US is to release its Building Permits and Housing Starts.

Technically, the USD/CAD pair failed to stabilize above the descending pitchfork’s median line (ML) signaling strong downside pressure. Now, it has retested the median line, a new lower low could activate a downside movement.

Free forex signals – SELL USD/CAD at 1.2473

free forex signals

Free forex signals entry price and takes profit

Instrument: USD/CAD

Order Type: SELL STOP

Entry price: 1.2473

Stop Loss: 1.2571

TP1: 1.2324

My Risk: 1%

Risk / Reward Ratio: 1:1.5

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