Sforex
Short

IDEA FOR USDCAD NEXT WEEK.

FX:USDCAD   U.S. Dollar / Canadian Dollar
328 0 0
- Fundamental Analysis :
There is no major economic data of US this week, so U/C will be governed by Canada economic data.

This week, Key event is BoC             Meeting on Wednesday.

What we had about Canada economy :

- PMI is now below 50 benchmark.
- Last month, Canada lost 45k jobs.
- Unemployment Rate increases to 7.2%

Canada is confronting serious problems. very serious. If BoC             don't have any action, the situation would be more serious, and they must consider cutting interest rate or at least have some instructions to raise Canada economy.

- Technical Analysis .
U/C is now stop at 1.10 strong resistance level .

1.09 is R3 of Pivot Point .

1.084 is a strong support.

RSI , Stoch , CCI is now overbuy.

no major economic data from US , it means there is no force dragging U/C higher.

Hence, U/C would retrace a little bit.

I choose 1.09 level.

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I hit a SELL position. Target 1.09 level. stop loss at 1.050

I will close this position before BoC             Meeting and observe.

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