USDCAD 1M & 1D:
We can clearly see a clear double top rejection formation on the monthy time-frame. Expecting market to continue heading downwards, targets are set on key horizontal levels.
Switching to the lower time-frame, on the 1D, we will wait for a clean candle break of support level @ 1.38778. Afterwards we will activate sell limits to sell the pullback to previous support now resistance.
Fundamentals to look out for:
1) U.S. Producer Price Index (PPI) MoM
2) U.S. Core Retail Sales MoM
3) U.S. Retail Sales MoM
4) U.S. JOLTs Job Openings
5) U.S. Initial Jobless Claims
6) Bank of Canada Governor Poloz Speaks @ Thursday, May 14th 2020, 18:15 GMT +3:00 / As head of the BOC's Governing Council, which controls key short term interest rates, Poloz has more influence over the Canadian dollar's value than any other person.
Also pay close attention to the OIL chart as Oil has a negative correlation with USD/CAD when oil goes up, USD/CAD goes down. When oil goes down, USD/CAD goes up. a large part of Canada’s exports to the US derives from the sale of Crude Oil. That means that if the price of Crude increases the value of Canada's exports to US increases too. Canada exports about 2 million barrels of oil to the US every single day. Also, 85% of all Canada's exports are going to the US.
Risk ONLY: 2-3%
Good Luck
We can clearly see a clear double top rejection formation on the monthy time-frame. Expecting market to continue heading downwards, targets are set on key horizontal levels.
Switching to the lower time-frame, on the 1D, we will wait for a clean candle break of support level @ 1.38778. Afterwards we will activate sell limits to sell the pullback to previous support now resistance.
Fundamentals to look out for:
1) U.S. Producer Price Index (PPI) MoM
2) U.S. Core Retail Sales MoM
3) U.S. Retail Sales MoM
4) U.S. JOLTs Job Openings
5) U.S. Initial Jobless Claims
6) Bank of Canada Governor Poloz Speaks @ Thursday, May 14th 2020, 18:15 GMT +3:00 / As head of the BOC's Governing Council, which controls key short term interest rates, Poloz has more influence over the Canadian dollar's value than any other person.
Also pay close attention to the OIL chart as Oil has a negative correlation with USD/CAD when oil goes up, USD/CAD goes down. When oil goes down, USD/CAD goes up. a large part of Canada’s exports to the US derives from the sale of Crude Oil. That means that if the price of Crude increases the value of Canada's exports to US increases too. Canada exports about 2 million barrels of oil to the US every single day. Also, 85% of all Canada's exports are going to the US.
Risk ONLY: 2-3%
Good Luck
עסקה סגורה: היעד הושג