USDCAD - 4hrs Trading Idea ( 235 PIP )

Name : USDCAD ( U.S. dollar / Canadian dollar )
Direction : Long
Time Frame : 4H
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There is 2 main things that price could do depending on the news that is coming out tomorrow and on Wednesday. It depends if it's Positive news or negative news If it's negative news, we are expecting a break of the inner trend line. Both of them. But If it's positive news we are expecting price to break the resistance level And go up to the next liquidity high.

Comment:

Canada’s January Consumer Price Index (CPI) will be due on Tuesday, which is forecast to ease from 3.4% YoY in December to 3.3% in January. The Bank of Canada (BoC) highlighted the outsized role housing has played in supporting inflation, and markets do not anticipate the BoC will cut interest rates before its June monetary policy decision.

Meanwhile, the rise of crude oil might underpin the commodity-linked Loonie and cap the upside of the USD/CAD pair. It’s worth noting that Canada is the largest oil exporter to the United States (US) and the Canadian Dollar (CAD) is particularly sensitive to fluctuations in oil prices

Comment:

1 Hrs Chart