Hi traders,
Canadian dollar has a strong correlation with the price of oil. When the price of oil rises, the value of the Canadian dollar also usually rises. I am expecting USDCAD to fall further on smaller time frames as double top pattern has formed and moving averages crossed over. Another reason of CAD being bullish is the Canadian GDP report as a jump in non-durable manufacturing contributed to a big beat at +0.3% versus 0.0% expected. Therefore I am expecting this pair to at least hit 1.3300.
I am not a professional and this is just my opinion so watch price action before placing a trade. If you like my idea, please follow me for more updates. Cheers!
Canadian dollar has a strong correlation with the price of oil. When the price of oil rises, the value of the Canadian dollar also usually rises. I am expecting USDCAD to fall further on smaller time frames as double top pattern has formed and moving averages crossed over. Another reason of CAD being bullish is the Canadian GDP report as a jump in non-durable manufacturing contributed to a big beat at +0.3% versus 0.0% expected. Therefore I am expecting this pair to at least hit 1.3300.
I am not a professional and this is just my opinion so watch price action before placing a trade. If you like my idea, please follow me for more updates. Cheers!