2019-11-11 • Updated
Trade ideas
SELL 1.4525; TP1 1.4505; TP2 1.4460; SL 1.4540
SELL 1.46; TP 1.4530; SL 1.4620
During the summer months, EUR/CAD broke an important support line and has traded with a bearish bias ever since. Last week, the pair was rejected down from the resistance at 1.4660 and fell to 1.4460. This week, there’s some recovery. However, the Bank of Canada’s meeting later on Wednesday may give the CAD more strength and pull the pair down. On H4, EUR/CAD ran into the resistance of the H4 MA and there’s further resistance in the 1.4580/90 area. The return below 1.4525 will make the pair revisit the recent lows. If it manages to jump to the 1.4600 area, sellers will also re-emerge due to the resistance line connecting August and October highs.
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
The New Zealand Dollar (NZD) is under pressure due to concerns about the country's economic growth, exacerbated by bearish technical indicators and the US Dollar's strength. Recent data showing negative growth in New Zealand, with GDP contracting by 0.1% in Q4 2024, suggests a recession. Despite this, the Reserve Bank of New Zealand (RBNZ) has not ...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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