Sforex

Idea for USDCAD next week.

FX:USDCAD   U.S. Dollar / Canadian Dollar
126 0 1
No major Canada economic data this week, and there is just one piece of US economic data :

- US Retail Sales.

USA is main export destination of Canada industrial sector, if US Retail Sales is positive, it will reinforce for the rally of USDCAD             .

I wait the confirmation signal. If U/C breaks two trend lines I show on the chart, plus positive US Retail Sales, I will reopen LONG position of USDCAD             to 1.12 level.

1.12 level is a strong resistance level: It is 50% Fib retracement on the WEEKLY chart, I don't expect USDCAD             breaks this level next weeks, I wait market provide more catalyst.

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