USD/CAD – Week 3 – Strong break-out needed.
“The Loonie” started the week slowly against the US Dollar, losing some momentum before beginning to increase its gains, pushing the price to new lows. As it stands, we expect the pair to rise and break out convincingly from the descending channel, with a high chance to test the 1.30 levels.
Don’t forget to monitor the BOC Interest Rate Decision and CPI data that is going to be released on Wednesday, as it may influence the price and consequently our trading decision.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Don’t forget to monitor the BOC Interest Rate Decision and CPI data that is going to be released on Wednesday, as it may influence the price and consequently our trading decision.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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