Trade Plan for the USD/CAD 🇺🇸 🇨🇦 (WN36)
Detail on the orders placed by Jeepson Trading at eToro and 5ers.
FUNDAMENTAL AND SENTIMENT SUMMARY
The most recent significant event was the GDP last wednesday although that was as expected, the manufacturing PMI on Thursday was a miss which represents the falling sentiment towards global growth.
The next BoC meeting is this Wednesday and the consensus is for a rate hike to 3.25 percent following the 100bps hike in July.
This week's attention is purely fixed on the rate decision although the price of oil could affect the value of CAD.
ORDERS
The momentum on the $USDCAD is expected to remain bullish in light of a strong US Dollar and the pessimistic outlook to global growth as the USD/CAD heads for the $1.322 resistance area.
An order to BUY the $USDCAD has been placed:
Stop Loss 1.2795
High Risk Buy 1.2895
Low Risk Buy 1.2995
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