🔔🔔🔔USD/CAD news:
👉DXY is currently at 103.4, its lowest since November 5, 2024. A break of this level could see DXY fall further. The pair has been losing ground as the US dollar struggles amid concerns that tariff uncertainty could push the US economy into recession.
👉The RSI (1H) is currently entering extreme overbought territory and shows no signs of stopping.
👉The US 10-year bond yield is also down 0.21%, further weighing on the US dollar.
👉On the other hand, CIBC analysts expect the Canadian central bank to cut 25 bps on Wednesday, lowering its benchmark rate to 2.75%, with more cuts to follow this year if trade uncertainty persists. The rising bets of further BoC rate reductions could undermine the CAD and help limit the pair’s losses.
Personal opinion:
👉DXY's RSI (1H) enters the overbought zone, so watch this area closely. Moreover, 103.3 is a strong support zone, so there may be signs of a reversal in the short term
Analysis:
👉Based on important resistance - support levels and Fibonacci combined with trend lines to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy USD/CAD 1.4410 - 1.4400
❌SL: 1.4370 | ✅TP: 1.4450 - 1.4490 - 1.4550
FM wishes you a successful trading day 💰💰💰
👉DXY is currently at 103.4, its lowest since November 5, 2024. A break of this level could see DXY fall further. The pair has been losing ground as the US dollar struggles amid concerns that tariff uncertainty could push the US economy into recession.
👉The RSI (1H) is currently entering extreme overbought territory and shows no signs of stopping.
👉The US 10-year bond yield is also down 0.21%, further weighing on the US dollar.
👉On the other hand, CIBC analysts expect the Canadian central bank to cut 25 bps on Wednesday, lowering its benchmark rate to 2.75%, with more cuts to follow this year if trade uncertainty persists. The rising bets of further BoC rate reductions could undermine the CAD and help limit the pair’s losses.
Personal opinion:
👉DXY's RSI (1H) enters the overbought zone, so watch this area closely. Moreover, 103.3 is a strong support zone, so there may be signs of a reversal in the short term
Analysis:
👉Based on important resistance - support levels and Fibonacci combined with trend lines to come up with a suitable strategy
Plan:
🔆Price Zone Setup:
👉Buy USD/CAD 1.4410 - 1.4400
❌SL: 1.4370 | ✅TP: 1.4450 - 1.4490 - 1.4550
FM wishes you a successful trading day 💰💰💰
Trade active
USD/CAD max profit 120 pips if FM plan,great Tuesday
Trade closed: target reached
USD/CAD hits Pivot points and bounces back
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✅ t.me/+Y9T5_BwC7_JhMWM1
Join now !!!!
Channel: signals - knowledge and FOREX comments
Join now !!!!
Channel: signals - knowledge and FOREX comments
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.