USDCAD heading to volatile week with bearish taste
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USDCAD is heading to quite volatile week ahead with important data from US ( NFP, ISM, Unemployment) and CAD (GDP and Unemployment) with bearish stated after closing the week with Pin Bar below 55EMA. Not to mention that Pin Bar on Weekly chart is also suggesting that bears might take the control over the pair for upcoming days.
With oil hovering below $40 CAD will have tough time to appreciate therefore I expect the move to be driven by depreciation of USD considering rate hike might be postponed to December.
Short term bearishness might be opportunity to pick up some pips before bull will take the control around 1.24 levels where I see appropriate song enter with stop loss below 1.22
USDCAD is heading to quite volatile week ahead with important data from US ( NFP, ISM, Unemployment) and CAD (GDP and Unemployment) with bearish stated after closing the week with Pin Bar below 55EMA. Not to mention that Pin Bar on Weekly chart is also suggesting that bears might take the control over the pair for upcoming days.
With oil hovering below $40 CAD will have tough time to appreciate therefore I expect the move to be driven by depreciation of USD considering rate hike might be postponed to December.
Short term bearishness might be opportunity to pick up some pips before bull will take the control around 1.24 levels where I see appropriate song enter with stop loss below 1.22