USD/ CAD !! DOWN correction wave ! 11/4/24

Nova-Scalper Updated   
OANDA:USDCAD   U.S. Dollar / Canadian Dollar
⭐️Smart investment, Strong finance

The USD/CAD pair consolidates gains above 1.3650 in Asian trading hours, supported by stronger-than-expected US inflation. The Greenback reached a yearly high of 105.30. Investors are watching for cues from the US Producer Price Index (PPI) later today, with estimates of a 2.2% YoY increase in the headline PPI and a 2.3% YoY increase in the Core PPI.

The Bank of Canada (BoC) kept its key interest rate at 5% for the sixth consecutive time since July. BoC Governor Tiff Macklem stated that while recent inflation progress is encouraging, he needs more evidence before considering rate cuts. He also mentioned the possibility of an interest rate cut in June.

⭐️Personal comments NOVA:

After a strong increase in price, the price needs an adjustment - a down wave to create liquidity and wait for the next motivational news.


🔥SELL USD/ CAD zone: 1.36800 - 1.36950 SL 1.37400
TP1: 1.36500
TP2: 1.36100
TP3: 1.35800

⭐️Technical analysis:
Based on technical indicators EMA 34, EMA89 and support resistance areas to set up a reasonable SELL order.

Note: Nova wishes traders to manage their capital well
- take the number of lots that match your capital
- Takeprofit equal to 4-6% of capital account
- Stoplose equal to 2-3% of capital account
- The winner is the one who sticks with the market the longest
More than 20 pips , signal SELL USD / CAD
USDCAD price continues to sideways, there is conflict at this price range
+ 35 pips, signal currency SELL USDCAD

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