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Buying Opportunities USD/CAD – Forex Trading Tips

Jarratt Davis
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Originally updated: 08:00

Trading Bias: Long

Currency pair: USD/CAD

Current Sentiment: Bullish

In today’s trading session we will be focusing on buying opportunities USD/CAD.

Fundamentals:

Toady we can look at focusing on USDCAD as the recent FOMC minutes were less dovish than the market expected, with several Fed officials judging that data would warrant a June rate hike whilst other members favoured a later rate hike due to a strong USD and Oil.

Also we expect Oil to continue to fall lower after yesterdays DOE inventories showed a larger build than expected in Oil stockpiles, this could continue to weigh on Oil for the coming session. Overall we expect the USD to remain supported over the session and regain some ground against it’s major peers.

Technicals:

We expect this pair to rally during today’s session.

There is strong support at 1.2500 which could provide trading opportunities should the price pull back. Look for the price to bounce off this level if it retraces back to it.

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 negative for this pair and which could change the sentiment to bearish.

Other Market Moving News:

Relatively quiet overnight session with the NZD and AUD being the main gainers as investors look for yield.

On today’s calendar we have the UK MPC Rate Statement, with Canadian Building Permits and Unemployment Claims later in the US session.

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