No major Canada economic data this week, and there is just one piece of US economic data :
- US Retail Sales.
USA is main export destination of Canada industrial sector, if US Retail Sales is positive, it will reinforce for the rally of USDCAD.
I wait the confirmation signal. If U/C breaks two trend lines I show on the chart, plus positive US Retail Sales, I will reopen LONG position of USDCAD to 1.12 level.
1.12 level is a strong resistance level: It is 50% Fib retracement on the WEEKLY chart, I don't expect USDCAD breaks this level next weeks, I wait market provide more catalyst.
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- US Retail Sales.
USA is main export destination of Canada industrial sector, if US Retail Sales is positive, it will reinforce for the rally of USDCAD.
I wait the confirmation signal. If U/C breaks two trend lines I show on the chart, plus positive US Retail Sales, I will reopen LONG position of USDCAD to 1.12 level.
1.12 level is a strong resistance level: It is 50% Fib retracement on the WEEKLY chart, I don't expect USDCAD breaks this level next weeks, I wait market provide more catalyst.
If you like my analysis, please visit my site: www.sforex-solution.com/index.html
And like my FB page: www.facebook.com/sforexsingals
Following me on Twitter: twitter.com/SforexSolution