USD/CAD forecast and market overview for August 6 – 10, 2018
Today I want you to pay your attention to USD/CAD. Those of you trade CAD and monitor Canadian data, know that last week trade deficit shrank to 626 millions. Just a reminder for you, that previous number was almost 3 billions. So, current improvement is very significant.
If this week data will be good as well, we will see good decline in this pair.
For now fundamentals tell us to look for and take sell signals. I am not ready to trade break down, as usually it’s more risky trade. Retest and rejection from previous trend line in 1.3000 range, will be my entry. Expected TP 1.2500 with first stepping stone near 1.2850.
However if fundamentals will change, I see possibility of bouncing from current trendline. In this case TP for long positions will be near 1.3300.
As usually I will keep my trading signals subscribers updated about all entries and changes.
Good luck and good trading!