Trade Plan for the USD/CAD 🇺🇸 🇨🇦 (WN36)
Detail on the orders placed by Jeepson Trading at eToro and 5ers
FUNDAMENTAL AND SENTIMENT ANALYSIS
The most recent significant event was the Bank of Canada meeting on Wednesday where the interest rate was hiked by 75bps as expected setting the new rate at 3.25 percent. Policymakers remarked that further hikes are needed given the outlook for inflation. The central bank also said it will continue its policy of quantitative tightening. The economic situation is developing mostly in line with the projections that the bank printed in July. Of particular concern to Canada is the demand for oil which is lakely to wain as the global slowdown narrative worsens.
The next BoC meeting is in October.
This attention for the rest of this week will move towards the Unemployment rate on Friday which is expected to slightly increase to 5 percent from the previous 4.9.
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 $1.3370 resistance area. An order to BUY the $USDCAD has been placed:
Stop Loss 1.2880
High Risk Buy 1.2980
Low Risk Buy 1.3080
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