The USD/CAD pair is holding firm around 1.3500, despite weak US economic data for July. Awaiting insights from the Jackson Hole Symposium, the US Dollar Index continues to climb. Meanwhile, the Canadian Dollar is affected by falling oil prices. Scotiabank sees USD-bullish trends but cautions the currency is overbought. Key resistance and support levels are identified.
TRADE IDEA DETAILS
CURRENCY PAIR: USD/CAD
CURRENT TREND: Bullish
TRADE SIGNAL: Buy
👉ENTRY PRICE: 1.3520
✅TAKE PROFIT: 1.3600
❌STOP LOSS: 1.3490
ANALYSIS:
The current trend for the USD/CAD pair is bullish, supported by the USD's rebound and Canadian Dollar's pressure due to declining oil prices. The support level of 1.3500 has proven strong, and the trend oscillators indicate a USD-bullish sentiment.
FINAL THOUGHTS:
This trade capitalizes on current bullish trends in the USD and pressures on the CAD due to oil price dynamics. The Jackson Hole Symposium and subsequent economic announcements should be closely monitored, as they may significantly impact the currency pair's movement. Attention to the overbought signals and resistance levels will be key to successful trading within this setup.
TRADE IDEA DETAILS
CURRENCY PAIR: USD/CAD
CURRENT TREND: Bullish
TRADE SIGNAL: Buy
👉ENTRY PRICE: 1.3520
✅TAKE PROFIT: 1.3600
❌STOP LOSS: 1.3490
ANALYSIS:
The current trend for the USD/CAD pair is bullish, supported by the USD's rebound and Canadian Dollar's pressure due to declining oil prices. The support level of 1.3500 has proven strong, and the trend oscillators indicate a USD-bullish sentiment.
FINAL THOUGHTS:
This trade capitalizes on current bullish trends in the USD and pressures on the CAD due to oil price dynamics. The Jackson Hole Symposium and subsequent economic announcements should be closely monitored, as they may significantly impact the currency pair's movement. Attention to the overbought signals and resistance levels will be key to successful trading within this setup.