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Our free forex signals 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 bias remains bearish despite yesterday’s minor rebound. In the short term, it has risen a little after the Canadian inflation data publication and after better than expected US data.

As you already know, the US CPI registered a 0.1% drop matching expectations, while the Core CPI rose by 0.0%. On the other hand, the US Building Permits jumped from 1.71M to 1.87M, while Housing Starts was reported at 1.70M beating 1.65M estimates.

3 Free Forex Every Week – Full Technical Analysis

US Unemployment Claims 286K

Unfortunately for the USD, the United States Unemployment Claims raised unexpectedly from 231K to 286K, even if the specialists expected a potential drop to 227K in the last week. Earlier, the Existing Home Sales was reported at 6.18M versus 6.42M expected.

The Canadian ADP Non-Farm Employment Change was reported at 19.2K versus 102K in the previous reporting period, so it remains to see how the currency pair will react. 

Technically, a valid breakdown below the ascending pitchfork’s lower median line (lml) and a new lower low could activate a deeper drop. The bias remains bearish as long as it stays under the descending pitchfork’s median line (ML).

Free forex signals – SELL USD/CAD at 1.2433

free forex signals - usdcad

Free forex signals entry price and takes profit

Instrument: USD/CAD

Order Type: SELL STOP

Entry price: 1.2433

Stop Loss: 1.2532

TP1: 1.2298

My Risk: 1%

Risk / Reward Ratio: 1:1.35

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