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USDCAD exploits dollar weakness after news release

USDCAD exploits dollar weakness after news release

Oct 08 2021

by Michael Wallenberg
Analyst AZAforex

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USDCAD exploits dollar weakness after news release

USDCAD exploits dollar weakness after news release

The USDCAD currency pair has been in a downtrend for a week. Today there was news that immediately weakened the US dollar. It immediately affected the quotes and the price broke through the support level of 1.2500. But the bulls are still trying to stop the bears' advance and were able to push them back a bit. We have placed an order to open a position below this level at 1.2485. If the support level is broken again today, and our position is opened, it will mean that the downtrend continues.

Symbol: USDCAD
Order Type: Pending Order - Sell Stop
Entry Price at 1.2485
Take Profit at 1.2435
Pips Earning: 50

Forex trade strategy for major currency pairs:
EURUSD buy at the price of 1.1590
USDJPY sell at the price of 111.50
GBPUSD buy at the price of 1.3660
USDCHF sell at the price of 0.9250

The result of a trade recommendation.

The result of a trade recommendation.

Daily trading analysis of the forex market from AZAforex
The profit can be $393.70 if the trading volume of 100000 USD (1 Lot).

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