Technical: USDCAD has stalled in recent weeks, signaling a potential topping pattern. A recent break of the short-term trend suggests a deeper correction may follow. Key resistance is at 1.4355, offering a favourable risk-reward short opportunity.
Fundamental: The U.S. dollar remains weak, with commercial participants showing little interest in buying. Meanwhile, the Canadian dollar is seeing increased accumulation, indicating a potential shift in momentum.
Seasonal: Historically, from March 24 – April 30, USDCAD has declined 76.2% of the time over the past 21 years, with an average drop of 1.30%.
Trade Idea:
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Fundamental: The U.S. dollar remains weak, with commercial participants showing little interest in buying. Meanwhile, the Canadian dollar is seeing increased accumulation, indicating a potential shift in momentum.
Seasonal: Historically, from March 24 – April 30, USDCAD has declined 76.2% of the time over the past 21 years, with an average drop of 1.30%.
Trade Idea:
- Sell: 1.4355
- Stop Loss: 1.4551
- Target: 1.3948
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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