USDCAD - Buy
Updated
Traders seem to be cautiously optimistic about the US dollar against the Canadian dollar
Here's a quick rundown:
Recent data:
IG client sentiment shows a recent shift towards a net-long position on USD/CAD, the first time since early June.
Possible reasons:
This could be due to factors like the Bank of Canada pausing interest rate hikes while the US Federal Reserve might continue raising theirs, strengthening the USD.
I have a limit order set @ 1.36047 looking to target the next resistance level around 1.37310.
Here's a quick rundown:
Recent data:
IG client sentiment shows a recent shift towards a net-long position on USD/CAD, the first time since early June.
Possible reasons:
This could be due to factors like the Bank of Canada pausing interest rate hikes while the US Federal Reserve might continue raising theirs, strengthening the USD.
I have a limit order set @ 1.36047 looking to target the next resistance level around 1.37310.
Trade active
Note
Stop moved to entry and the trade can run risk free.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.