Categories: Technical Analysis

Looking for more upside in USDCAD (extract from today’s Market Forecast)

Hello friends,

Yesterday was an interesting day as most of my trade forecasts discussed in the Daily forecast video were successful, including SILVER, GOLD and GBPUSD.

We need to be very careful as there were some choppy moves in the market yesterday after the release of pending home sales data from the US. Today we will be looking for buy opportunities in USDCAD. Canadian dollar has been declining from the past few days, and I expect some more weakness for Canadian dollar. After trading as high as 1.0565, USDCAD has retraced some of its gains. USDCAD is trading inside a triangle as plotted on the 1 hour chart shown below, and forming a bullish wedge. In order to buy USDCAD we need a break of this triangle along with the previous resistance of 1.0500. After a break to the upside, we would be looking for bullish candle pattern on the 1 hour chart to jump into the trade.

Initial target would be the last high of 1.0565, and final target should be the next weekly resistance of 1.0750 as shown in the chart below. Stop should be placed below the previous low. If we do not get a break to the upside, then we will stay away from this pair for some time until we get another opportunity as we have some key fundamental events lined up for today.

As mentioned in the yesterday’s post, German Inflation data is scheduled later in the day, which can have a significant impact on all Euro crosses. Some other major events lined up in the US session, including US GDP data and Initial Jobless claims. Market is expecting increased Gross Domestic Product from the US with the expectation of 2.2% against the previous of 1.7%. Initial jobless claims are also expected to drop from 336K to 332K. If data does not miss the expectations, then USD might gain later in the day.

This analysis is taken from today’s Daily Market Forecast, which also includes trade opportunities on: EURGBP, GBPUSD, AUDNZD, NZDUSD, SILVER and GOLD.
Get it HERE: Vladimir’s Markets Forecast

Trade safe friends. Happy trading!

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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