Ready to Start Trading?
Open a Live or Demo account online in just a few minutes and start trading on Forex and other markets.
Apply onlineAny Questions?
Contact us:
phone: +1 849 9370815
email: sales@tradersway.com
The Loonie has been edging lower against the U.S. dollar gradually, as the pair has formed a shallow rising channel on its 1-hour time frame.
The pair is currently testing the top of the channel, with stochastic pointing down and suggesting that a slight selloff could be in the works.
If that’s the case, USD/CAD could fall back to the bottom of the channel around the 1.0500 major psychological support before resuming its climb to the 1.0600 area. A tight stop above the previous highs could yield a good reward to risk ratio for a day trade.
There are no major reports due from the US today but Canada will be printing its building permits data and BOC business outlook survey. Upbeat results could allow the Loonie to bounce back against the dollar, at least for the day.
By Kate Curtis from Trader's Way
Any Questions?
Email Us: sales@tradersway.com
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
Instrument | Bid | Ask | Spread |
---|
2023 Martin Luther King Holiday Schedule
Due to the Martin King Holiday on 16 January, 2023, market activity and liquidity may be lower than usual....
Learn more