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Big Day for the Canadian Dollar: How I See It

Published 09/06/2017, 07:04 AM
Updated 07/09/2023, 06:31 AM

Big Day for the Canadian dollar: How I See It

USD/CAD Chart

I am looking at the USD/CAD. It seems like we have formed a double bottom. There seems to be some bearish hesitance building up in the past few days. This could give way to the bulls to step in and push the price higher.

I will be monitoring this pair closely. There are two major events scheduled for today.

The first one is the Canadian Trade Balance.
The second one is the BOC Rate Statement.

They are both extremely volatile events. If you are not sure, it is preferable to wait and not trade during the news announcements. They could lead the pair in both directions. The outcome is pretty uncertain.
I am just reading the technicals and they are bullish.

The question is can they last? The other question is, can the fundamentals turn the tide and continue the downtrend?

Yes! Certainly so.

So, I will be extremely careful when approaching this pair. Sometimes it is better to be late than too early.

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