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USD/CAD Signal - USD Markit Manufacturing PMI - 23 Oct 2020

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Signal Details
Entry Price: 
1.314
Take Profit: 
1.320
Stop Loss: 
1.310
Direction: 
Buy
Result: 
Profit
How we trade
Average: 4.5 (2 votes)

USD/CAD is trading to the upside today prior to USD Markit Manufacturing PMI. The Manufacturing Purchasing Managers Index (PMI) released by the Markit Economics captures business conditions in the manufacturing sector. As the manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic condition in the United States. Technically the pair is trading above the 50 moving average, and we anticipate further upside on the USD/CAD into the 1.320 level.

Submitted by Toni H. on Fri, 23 Oct 2020 03:02:01 GMT

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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. 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. All risks and coasts associated with online trading are your responsibility.

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