USD/CAD Bearish Rally Continues – Trading Signal Floats in Profit - Forex News by FX Leaders

USD/CAD Bearish Rally Continues – Trading Signal Floats in Profit

Posted Friday, January 4, 2019 by
Arslan Butt • 1 min read

What’s up, traders.
Our forex trading signal on gold hit take profit, helping us secure quick 30 pips during the early European session. Meanwhile, the trading signal on USD/CAD is floating in profit.

The Canadian dollar rallied to an almost two-week high against the US dollar as oil prices extended and the Greenback sank broadly. The bullish trend in the Loonie came ahead of an announcement of Canada’s employment report for December, which could further guide the Bank of Canada interest rate expectations for next week.

Technically, the USD/CAD has violated the bullish channel at $1.3570 and has also crossed below 50 and 100 periods EMA on the 4 – hour timeframe. The pair can gain support near $1.3400 today and the rest of the movement will be determined by the employment reports from the US and Canada during the New York session.

USD/CAD – Forex Trading Signal

Fellas, we are holding a sell position in the USD/CAD at $1.3459 with a stop loss at $1.3499 and take profit at $1.3429. The signal is floating in profit and traders can move their stops at the breakeven point. In fact, I will prefer to close the position ahead of the news release at 13:30 (GMT) today.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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