USD - BEARISH
1️⃣ A shift in Fed's monetary policy framework announced on Thursday also weighed on investors mood. The Fed will allow a more flexible inflation target, meaning rates can stay low for a longer period despite rising inflation.
2️⃣ Conference Board consumer confidence came below market expectations.
CAD - BULLISH
1️⃣ The Canadian dollar appreciated further as oil prices have been hovering around five-month highs after US oil producers shut most of their offshore output in the Gulf of Mexico as hurricane Laura made landfall in the region.
2️⃣ Powell’s dovish comments, the upbeat market mood continued weighing on the greenback.
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TECHNICAL
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- We are looking to short USDCAD on SBR level on H1 chart.
- USDCAD in bearish zone.
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RISK TO THIS TRADE
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- Decline in oil prices will take this trade to hit stop loss.
1️⃣ A shift in Fed's monetary policy framework announced on Thursday also weighed on investors mood. The Fed will allow a more flexible inflation target, meaning rates can stay low for a longer period despite rising inflation.
2️⃣ Conference Board consumer confidence came below market expectations.
CAD - BULLISH
1️⃣ The Canadian dollar appreciated further as oil prices have been hovering around five-month highs after US oil producers shut most of their offshore output in the Gulf of Mexico as hurricane Laura made landfall in the region.
2️⃣ Powell’s dovish comments, the upbeat market mood continued weighing on the greenback.
=====
TECHNICAL
=====
- We are looking to short USDCAD on SBR level on H1 chart.
- USDCAD in bearish zone.
=====
RISK TO THIS TRADE
=====
- Decline in oil prices will take this trade to hit stop loss.
Trade closed manually
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.