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USD/CAD Signal - US ISM Non-Manufacturing PMI- 05 Dec 2016

Signal details
Entry Price: 
1.3383
Close Price: 
1.3273
Direction: 
Low
Expiry Time: 
21:00 GMT
Result: 
ITM
How we trade
5/5 of 3 ratings

The U.S. ISM non-manufacturing PMI data will be coming out later this afternoon and the expectations are supported by a bullish print for November. The U.S. dollar remains weak but the ISM's NMI data could offer a short term boost. USDCAD has been trending lower with the Canadian dollar gaining from higher oil prices. In the near term, the bias is to the upside for USDCAD to test 1.3383 region.

It is ideal to purchase daily puts near 1.3383 region for a 21:00 GMT expiry as the gains in the U.S. dollar could be short lived. USDCAD is likely to decline further in the coming days although price needs to confirm resistance at 1.3383 - 1.3400 region, this making daily put options near 1.3383 an ideal strategy to trade the dollar’s weakness.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.