USDCAD trading idea for the week of 06-Nov-2017

Technical & Fundamental Analysis

USDCAD initially tried to rally, but 1.29 level proved to be resistive. Several attempts to sustain above 1.29 failed and the pair slided down later during the week. On Friday, the disappointing NFP report from USA and the improvement in the employment figures from Canada only helped the pair to drop further.

USDCAD daily

Trading preference

Due to the above factors, I prefer to sell this pair in the coming week. It seems like the pair will be drawn towards the up trendline shown in the above chart.

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