USD/CAD – Week 22 – Waiting for a breakout.
The pair corrected again, the entire week without any notable events.
For this week we expect a breakout from the blue rectangle that can push the price towards the resistance area. The trigger for this move might be Friday’s NFP data release for the US Dollar and the unemployment rate news for the Canadian Dollar.
Keep in mind that based on our methodology we are expecting a Daily correction, which means, that on the 4h timeframe the most probable move is bullish.
Our advice is to be cautious and avoid trading this pair for now, as nothing is clear.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
For this week we expect a breakout from the blue rectangle that can push the price towards the resistance area. The trigger for this move might be Friday’s NFP data release for the US Dollar and the unemployment rate news for the Canadian Dollar.
Keep in mind that based on our methodology we are expecting a Daily correction, which means, that on the 4h timeframe the most probable move is bullish.
Our advice is to be cautious and avoid trading this pair for now, as nothing is clear.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
