Fundamental Overview:
We’re seeing several bearish signals from the fundamental side for USD/CAD:
Retail Sales: Negative, indicating weaker consumer spending and slowing economic activity.
Inflation: Bearish, as high inflation may lead to tighter monetary policies, slowing growth.
Employment Change: Negative, suggesting a contraction in job creation, signaling economic weakness.
Unemployment Rate: Negative, reflecting potential challenges in the labor market.
These factors all lean toward a bearish bias, reinforcing the case for selling USD/CAD.
Technical Overview:
On the chart, price is currently in a discounted zone with confluence from the anchored VWAP from the recent low, which aligns with the current bearish trend. The VWAP suggests that the price has retraced back to a significant level, and with the fundamentals pointing to a weak outlook for USD, a continuation to the downside seems likely.
Key Levels & Target:
Short entry near the VWAP confluence.
Targeting the next key support level, watching for any price action confirmation.
We’re seeing several bearish signals from the fundamental side for USD/CAD:
Retail Sales: Negative, indicating weaker consumer spending and slowing economic activity.
Inflation: Bearish, as high inflation may lead to tighter monetary policies, slowing growth.
Employment Change: Negative, suggesting a contraction in job creation, signaling economic weakness.
Unemployment Rate: Negative, reflecting potential challenges in the labor market.
These factors all lean toward a bearish bias, reinforcing the case for selling USD/CAD.
Technical Overview:
On the chart, price is currently in a discounted zone with confluence from the anchored VWAP from the recent low, which aligns with the current bearish trend. The VWAP suggests that the price has retraced back to a significant level, and with the fundamentals pointing to a weak outlook for USD, a continuation to the downside seems likely.
Key Levels & Target:
Short entry near the VWAP confluence.
Targeting the next key support level, watching for any price action confirmation.
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.
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.