FX.co ★ Trading idea for USDCAD pair

Good day, dear traders! USDCAD is our hero today. Steve Poloz, the head of the Bank of Canada, spoke last night. The speech was positive, and he assured everyone that Canada was doing well. And the market believed him - the Canadian currency strengthened during this speech, and it happened very quickly, with strong impulses.

Not the least role in strengthening the Canadian dollar was played by the growing oil, and it is much more interesting to watch this pair today. At 14:30 (London time), another news will be published, and against this background, you can try to sell USD/CAD with a short goal - to update yesterday's low at 1.3269. Even if the trend continues as an upward one, I think that a breakdown of this mark can be counted on with a high degree of probability. At least for a second.

An important detail - this movement can be expected strictly after the news is released at 14.30 (London time). If the news is immediately bullish and there are no bearish impulses, then I do not recommend selling this instrument. If yesterday's fall is fully absorbed, it is a clear sign of further growth towards long-term goals. Therefore, it all depends on the direction of the upcoming news.

I wish you success in trading and big profits!