The Ivey Purchasing Managers Index (PMI) in Canada, which measures the month-to-month variation in economic activity, dropped to 56.8 (seasonally adjusted) in April from 58.2 in March. However, this was a smaller drop than the market had expected, with the consensus forecast at 54.8. Following the release of the data, USD/CAD initially moved towards daily lows but later largely ignored the figures. The pair was last seen trading modestly higher on the day at 1.3615.
However, the USD/CAD is still in a bearish trend, and the recent price action suggests that the pair could resume its decline. Furthermore, the USD Index is trading within a tight range in the low-101.00s, and the loss of 101.00 could expose a move to the year-to-date low.
TRADE IDEA DETAILS
CURRENCY PAIR: #USDCAD
CURRENT TREND: Bearish
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 1.3590
✅TAKE PROFIT: 1.3470
❌STOP LOSS: 1.3660
This bearish outlook for the USD Index could also put downward pressure on the USD/CAD pair. Therefore, a sell signal is recommended for the USD/CAD pair.
#ForexTrading #TradeSignals #TechnicalAnalysis #RiskManagement
However, the USD/CAD is still in a bearish trend, and the recent price action suggests that the pair could resume its decline. Furthermore, the USD Index is trading within a tight range in the low-101.00s, and the loss of 101.00 could expose a move to the year-to-date low.
TRADE IDEA DETAILS
CURRENCY PAIR: #USDCAD
CURRENT TREND: Bearish
TRADE SIGNAL: ↘️Sell
👉ENTRY PRICE: 1.3590
✅TAKE PROFIT: 1.3470
❌STOP LOSS: 1.3660
This bearish outlook for the USD Index could also put downward pressure on the USD/CAD pair. Therefore, a sell signal is recommended for the USD/CAD pair.
#ForexTrading #TradeSignals #TechnicalAnalysis #RiskManagement
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và các ấn phẩm này không nhằm mục đích, và không cấu thành, lời khuyên hoặc khuyến nghị về tài chính, đầu tư, giao dịch hay các loại khác do TradingView cung cấp hoặc xác nhận. Đọc thêm tại Điều khoản Sử dụng.