Sforex
Long

Loonie: Come back uptrend.

FX:USDCAD   U.S. Dollar/Canadian Dollar
243 1 1
Friday, May 29. Main focus:
- US GDP (P)
- Canada GDP.

I talked about US GDP in this topic:
EURUSD: Remain under pressure.

Today, I talk about Loonie: Canadian Dollar             .

All we know Loonie sticks to oil             price.

Oil             bounced agressively recent months after hitting 44.50 to 64, and now it sideways in the range between 64 and 56

The main reason comes from the squeeze of greenback.

Howerver,
The most important thing I want to say:

THE OIL             SUPPLY IS STILL LARGER THAN THE DEMAND.

SUPPLY > DEMAND.

US oil             producers and OPEC still not cut their production.

Hence , the oil             bear is the problem of time. But When ?.

We see that USDollar             begin to return its uptrend after the correction.

This will drive oil             back to the downtrend, and weight on Loonie.

Back to data.

Last quarter, Canada economy performed very well, and I think Canda GDP tomorrow would be positive.

Previous: 0.0%, Consensus: 0.2%, I think the data could print at .04% beat the Consensus.

However, I think the data could support Loonie in one day, it cann't support Loonie in the long term. USDCAD             could retraces , but in the long term, Bullish trend will control the move.

I consider the retracement of Loonie tomorrow as a chance to buy at lower level.

I have two level to enter a BUY Limit order.

- BUY at 1.2300 or at 1.2275

Stop loss at 1.2200

Take profit at 1.2800

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Nightwish
2 years ago
DXY retraced to 61.8 Fib, created double to there on 4H TF and got sold which gave evening star pattern on daily TF. Therefore, it is to expect rise in the price of oil and strength in CAD. USDCAD has started playing megaphone chart pattern which indicates decline to demand at ~1.1900 or so. I do not see bulls around. Good luck.
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