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USD/CAD Signal - USD Redbook Index - 7 Jul 2020

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Signal Details
Entry Price: 
1.3547
Take Profit: 
1.3495
Stop Loss: 
1.3555
Direction: 
Sell
How we trade
Average: 5 (1 vote)

USDCAD is trending to the downside today prior to the USD Redbook Index data. The Redbook data is a year-by-year sales growth measurement, with a higher reading typically being bullish and a lower reading typically being bearish for the USD. We anticipate further downside prior to the data release, into the 1.3495 level. Technically price has broken below the 1.3555 pivot, and is trending below the 1hr 50ema, indicating further downside potential.

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.