USDCAD Trade Idea with BOC This Wednesday

Short

U.S. Dollar / Canadian Dollar (FX:USDCAD)

FX:USDCAD U.S. Dollar / Canadian Dollar

trendanalysis usdcad tradeidea tradesignals forexsignals tradeplan

I don't usually trade any central bank meeting but my technicals in this case are really suggesting some further downside pressure with this pair.

Technical Indications Include:

Evening Star Formation with the last 4 candles on daily
RSI Below 50

Fundamentals Include:

Inflation cooling off
Oil showing signs of a bottom
Equity market may spark additional risk-on sentiment which supports commodity currencies.

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