Today I’m going to show you exactly how I’m trading USDCAD.
The pair continues to base above 1.3100 support, but next week’s FOMC promises to deliver intense volatility for the dollar.
In today’s video, I discuss key USDCAD levels to watch and potential targets.
Watch the USDCAD video below and scroll down for the annotated charts and analysis.
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USDCAD bounced from the 1.3100 support area that I’ve mentioned recently, but this week was spent consolidating ahead of next week’s FOMC.
The market could provide an opportunity next week if bulls can clear the May 31st trend line.
Of course, traders have to be cautious with the dollar, given Wednesday’s Fed rate decision and statement.
If USDCAD bulls can clear the trend line near 1.3260 it would open up levels like 1.3370 and 1.3450.
The uptrend since May 2021 and the pair holding above that trend line suggest that momentum favors buyers going into next week.
But trading any market in consolidation is risky, especially with the upcoming volatility.
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Read More:USDCAD Potential Breakout Opportunity Next Week
2023-07-21 17:10:00
