USDCAD Trading Update

by: Colibri Trader

Hello everyone,

 

I am still in the EURUSD trade. It is not looking very positive for the time being. I am not getting a bearish confirmation, but have decided to stay with this one, until I receive a very bullish confirmation.

USDCAD Trading Update

I am looking at the USDCAD. It seems like we have formed a double bottom. There seems to be some bearish hesitance building up in the past few days. This could give way to the bulls to step in and push the price higher.

I will be monitoring this pair closely. There are two major events scheduled for today.

The first one is the Canadian Trade Balance.

The second one is the BOC Rate Statement.

They are both extremely volatile events. If you are not sure, it is preferable to wait and not trade during the news announcements. They could lead the pair in both directions. The outcome is pretty uncertain.

I am just reading the technicals and they are bullish.

The question is- can they last? The other question is, can the fundamentals turn the tide and continue the downtrend?

Yes! Certainly so.

So, I will be extremely careful when approaching this pair. Sometimes it is better to be late than too early! If you are not sure how to re-enter a trade, check out my article dedicated on that HERE.

For anything else, please let me know on [email protected]

 

Happy Trading,

Colibri Trader

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