Originally updated: 07:30
Trading Bias: SHORT
Currency pair: USD/CAD
Current Sentiment: Bearish
In today’s trading session we will be focussing on selling opportunities on the USD/CAD.
Today I will be focussing on the USD/CAD pair, this comes after commentary from the Bank of Canada’s Gov Poloz, where he said last month’s rate cut allows bank to take time to examine how the Canadian economy responds to oil price movements. Which has subsequently caused CAD strength across the board with many traders unwinding their rate cut bets.
(Bear in mind oil prices – if oil prices rally we can expect the CAD strengthen given the CAD’s status as a commodity linked currency).
We expect this pair to fall during today’s session.
Remember to be aware of intra-day news as this can very often change the sentiment which makes our trade weaker. Look for any news that could be positive for this pair, which would change the sentiment to bullish.
Other Market Moving News:
Relatively quiet overnight session with the antipodean currencies being the main movers prompted by a better than expected Chinese PMI figure, which in turn helped the AUD rally.
To get daily market insights from Jarratt Davis delivered to your inbox simply enter your name and email below:
Source:: Trading Outlook – USD/CAD