USD/CAD – Week 4 – Break-out needed.
Updated
The “Loonie” traded mixed against the US Dollar this past week, but its wider track of appreciation that started in March 2020 remains intact. The Canadian Dollar received a boost after the hawkish comments from Canada’s Central Bank Governor, who expressed that the country shall not need as much Quantitative Easing over time under their base case.
Our technical analysis points towards a daily timeframe bullish corrective move that should start soon for this pair, having the potential to touch the 1.30 levels.
Keep an eye on the Canadian GDP data for November that is set to be released on Friday, as it will provide both an update on how domestic growth is behaving while also giving a hint in how the global economic recovery from Covid-19 is progressing.
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.
Our technical analysis points towards a daily timeframe bullish corrective move that should start soon for this pair, having the potential to touch the 1.30 levels.
Keep an eye on the Canadian GDP data for November that is set to be released on Friday, as it will provide both an update on how domestic growth is behaving while also giving a hint in how the global economic recovery from Covid-19 is progressing.
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.
Trade closed: target reached
Target reached for this week.
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