2024-02-27 • Updated
USD/CAD initially dropped to 1.3484 during the day but later rebounded above 1.3500 following a larger-than-expected decline in US Durable Goods Orders. The pair remains stuck in a short-term range as investors await the release of US Personal Consumption Expenditure Price Index (PCE) data later in the week, which could provide insights into inflation trends. On Wednesday, Canada will release Q4's Current Account data, although it may be overshadowed by the simultaneous release of the US Gross Domestic Product (GDP) report at 13:30 GMT, drawing more attention from markets.
The daily timeframe chart of EURCAD shows price retracing after breaking below the previous low. The current price action is approaching the supply zone at the 88% of the Fibonacci retracement. The confluence of a trendline resistance along with the supply zone and the Fibonacci level provides a strong confirmation for a likely sell entry.
Analyst’s Expectations:
Direction: Bearish
Target: 1.44820
Invalidation: 1.47622
GBPCAD seems to be heading towards the supply zone for a retest. The trendline resistance provides an extra confluence for the bearish sentiment, since it aligns with the supply zone and the Fibonacci retracement zone.
Analyst’s Expectations:
Direction: Bearish
Target: 1.25090
Invalidation:1.28263
NZDCAD on the Daily timeframe has recently broken the trendline support as well as the structure, with the Fibonacci retracement reaching as far as the 88%. I expect to see the confluence of the Fibonacci retracement level and the trendline resistance push prices lower, towards the 23% level.
Analyst’s Expectations:
Direction: Bearish
Target: 0.82401
Invalidation: 0.83830
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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