USDCAD Potential Forecast | 1st March 2023
Fundamental Backdrop
CAD's GDP dropped from 0.1% previous to -0.1%. This indicates that inflation has decreased which can possibly cause the Bank of Canada to lower their interest rates. Overall I'm expecting USDCAD to continue bullish.
Technical Confluences
1. The overall bias for USDCAD on the H4 chart is bullish. To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Expecting price to head towards the key resistance at 1.37000 level.
Idea
I will be looking for price to possibly retest the H1 support at 1.36200 intersecting with the ascending trend-line before continuing bullish towards the key resistance at 1.37000.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
CAD's GDP dropped from 0.1% previous to -0.1%. This indicates that inflation has decreased which can possibly cause the Bank of Canada to lower their interest rates. Overall I'm expecting USDCAD to continue bullish.
Technical Confluences
1. The overall bias for USDCAD on the H4 chart is bullish. To add confluence to our bias, price is above the Ichimoku cloud and along an ascending trend-line.
2. Expecting price to head towards the key resistance at 1.37000 level.
Idea
I will be looking for price to possibly retest the H1 support at 1.36200 intersecting with the ascending trend-line before continuing bullish towards the key resistance at 1.37000.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.