Long

Buy USD/CAD

Updated

Looking at this setup for this coming week. Both 4h and Daily charts looks promising. Bank of Nova Scotia warns of a 9.1% hit to Canada GDP for 2020.

Note

opened trade at 1.4038, good luck

Trade active

- Canada will be hit with "a two-quarter severe economic contraction" as the Covid-19 pandemic continues to impact the world's economies, S&P Global Ratings says. "We now anticipate Canadian real GDP will contract by over 11.3% peak to trough, with output falling 6.3%-annualized-in the first quarter and 34% in the second quarter," S&P said. The agency also said "No private sector will escape the shock, but consumer outlays will be hit hard in the second quarter, with a contraction around 39%, while business fixed investment plunges 53% as an oil shock amplifies the COVID-19 fallout." Even with the government engaging in "massive public-sector spending and unprecedented monetary policy stimulus," S&P said, the unemployment rate could reach around 18% at its peak in April-May. (stephen.nakrosis@wsj.com) OANDA

Trade closed manually

I closed with + 132 pip at 1.4170. I will take a look at it tomorrow morning. Goodnight you all, and good luck

ThreePillarsTrading3

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