theforexportal

USD/CAD BEARS taking over?

Short
FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD moved over 340 pips last week but the BULLS look exhausted. The H4 chart is hanging in the air and with the RSI crossing over south and moving out of overbought, this pair looks certain to head south on the open. This is a key week for the USD with the ADP Non-Farm on Wednesday, Unemployment Claims on Thursday and the key Unemployment Rate, Average Hourly Earnings and the Non-Farm Employment Change on Friday. The immediate direction of the USD will be determined by the outcome of these prints so technical studies will be trumped by news this week.

Trade ideas.
SELL initially down to 1.32 under 1.3360.
Look to BUY if USD news is favourable and prices are not overbought.

Comments

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