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Retracement Play Up Next For The USD/CAD

 

Pair:USDCAD Key Level:1.37550 Next Level:1.37950 Pips:40

Welcome to Fed Day trade! At press time, the USD is surrendering yesterday’s gains. Will the FOMC shake up valuations? Truly, anything is possible when J. Powell takes the stage at 2:30 PM EST.


There are weeks when the economic calendar simply doesn’t matter. This week was one of those weeks ‒ it’s been all about Election 2024 and the fallout. Here’s the breakdown: stocks and crypto up, commodities down.

For the USD, yesterday marked the most significant single-day gain this year. The Greenback’s fortunes have reversed, as evidenced by the USD Index (DXY) falling by 0.61%. Given the weakness in crude oil and retracement in the USD, there is a key level coming into play for the USD/CAD:

Weekly 38% Fibonacci Retracement, 1.3751

Bids from this area aren’t a bad way to play the action. Check out our Key Levels for more details on this Trade Idea.

If you’re in the markets today, be aware that the November Fed Announcements are due out at 2:00 PM EST. This will be a high-impact event, so keep a close eye on your risk exposure.

That’s it for now; we’ll see you at FOMC Live at 2:20 PM EST!

About the Author

Welcome to Mojo 4x by Hassan, your gateway to conquering the ever-evolving world of currency exchange! Here, you'll gain access to premium trading signals, honed by Hassan's expertise, empowering you to make informed decisions and potentiall…

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