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USD/CAD Breakout Triangle – Trade Balance Figures In Focus!

What’s up, traders?

The USD/CAD continues to trade bearish as the trade war fear is denting the demand for the US dollar. Today, the market is all about Loonie, and the trade balance figures from Canada is the only important data before US Non-farm payroll tomorrow. Check out the trade plan…

 

USD/CAD – Descending Triangle Breakout

Loonie took a really nice u-turn, breaking the bullish channel on a lower side. The bullish channel supported the pair near 1.2900. Later, the USD/CAD consolidated in the descending triangle pattern which supported the pair at 1.2829.

USD/CAD - 4 Hour ChartUSD/CAD – 4 Hour Chart

 

A day before, the USD/CAD managed to break below $1.2830 and now the same level is working as a potential resistance. The pair has the potential to continue selling until $1.2740 and $1.2625.  You can see on the 4-hour chart, the RSI and Stochastics are trading below 50, signaling the bearish sentiment of investors.

 

USD/CAD – Key Trading Levels

Support     Resistance 

1.2722        1.2818

1.2689        1.2881

1.2626        1.2914

Key Trading Level:    1.2785

 

USD/USD Trading Plan

Fellas, I’m looking to do choppy trading before the release of the trade balance figures. The idea is to take a buying position above $1.2750 with a target of $1.2810. On the selling side, staying bearish below 1.2810 looks like a good plan. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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