Awaiting for FOMC to boost the US Dollar Index
This week we have the FOMC tomorrow and is bound to bring some volatility to the cards and especially in the FX market.
The USDCAD has been on a decent correction, its rapid bull run was quite aggressive which always equates to a deep correction, with strength in Oil and the Canadian dollar has allowed this pair to retrace.
My reasons for going long are:
1.) Weekly trend is relatively bullish
2.) US Dollar is due to correct higher
3.) I believe the oil price will reduce and weaken the Cad dollar
4.) Divergence on higher timeframe RSI
5.) Awaiting break of the 4HR trendline before entering LONG
For more information either follow me for setups or sign up to my website in development: www.ejfxtrading.com
The USDCAD has been on a decent correction, its rapid bull run was quite aggressive which always equates to a deep correction, with strength in Oil and the Canadian dollar has allowed this pair to retrace.
My reasons for going long are:
1.) Weekly trend is relatively bullish
2.) US Dollar is due to correct higher
3.) I believe the oil price will reduce and weaken the Cad dollar
4.) Divergence on higher timeframe RSI
5.) Awaiting break of the 4HR trendline before entering LONG
For more information either follow me for setups or sign up to my website in development: www.ejfxtrading.com
Comment:
6.) I mean't to ad that price is at the very bottom of an extreme bollinger band and therefore indicates a retracement away from this band