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Bearish Trade Setup Spotted in USD/CAD, Who’s Up for it?

The commodity currency Loonie remains under the spotlight in the wake of upcoming Canadian retail sales figures. Recalling FX Leaders Morning Brief, Feb 22, the data is coming out at 13:30 (GMT). Economists are expecting another drop of -0.5% in Canadian retail sales, but this drop is less than -0.6% beforehand. Besides that, the USD/CAD has formed a pretty nice sell trade setup. Let’s take a trade in it.

What’s more interesting is that the USD/CAD has tested the bearish trend line but ended up forming doji patterns. It’s a bearish reversal signal and we should stay bearish below this level.

Support Resistance
1.3184 1.3257
1.3136 1.3283
1.3062 1.3357
Key Trading Level: 1.3209

USD/CAD – Trade Plan
Team FX Leaders has opened a sell trade below $1.3230 with a stop loss above 1.3250 and take profit around $1.3180.

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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