USDCAD Pullback Toward 1.37900 as Dollar Weakness Persists
Hey Traders, in today's trading session we are monitoring USDCAD for a selling opportunity around the 1.37900 zone. USDCAD is trading in a downtrend, with price currently correcting toward this key support/resistance level.
Structure: The broader bias remains bearish, but price is retracing upward after recent lows.
Key level in focus: 1.37900 — a critical area where sellers may look to re-enter and push the pair lower.
Fundamentals: The U.S. Dollar Index (DXY) maintains a bearish tone as Jerome Powell’s recent dovish stance weighs on the greenback. With DXY approaching 97.800 resistance, further downside pressure on USD could reinforce USDCAD weakness.
Trade safe,
Joe.
Structure: The broader bias remains bearish, but price is retracing upward after recent lows.
Key level in focus: 1.37900 — a critical area where sellers may look to re-enter and push the pair lower.
Fundamentals: The U.S. Dollar Index (DXY) maintains a bearish tone as Jerome Powell’s recent dovish stance weighs on the greenback. With DXY approaching 97.800 resistance, further downside pressure on USD could reinforce USDCAD weakness.
Trade safe,
Joe.
Trade active
USDCAD seems to be forming a bear flag now! 
Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
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.
Free Telegram Group:
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
t.me/+MDJZTdS-Mw0xZTA0
The 1% Traders Club:
t.me/+C08gijSq2PMyZTVk
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.