USDCAD Trade Idea (27th December 2019)

Currency Pair: USD/CAD
Timeframe: H1
Date/Time of Signal: 27th December 2019 / 1350hrs (SGT)

Review:

The Canadian GDP m/m data was worse than expected, some of it was partly because of a U.S. auto strike that hit the Canadian manufacturing companies. However, it is expected that the impact to the Canadian auto manufacturing due to the strikes should be reversed very soon.

With definitive progress on the US-China trade deal and the Dec OPEC/OPEC+ agreement to constrain supply supports the idea for a stronger Canadian Dollar.

USD/CAD has been on a downward trend, trade signaled to sell USD/CAD (Entry: 1.3106) with 3 Take Profit (TP) Targets (TP1: 1.3086, TP2: 1.3066, TP3: 1.3046) and Stop Loss (SL) at 1.3136.