USDCAD Top-Down Analysis Ahead of FOMC

by Justin Bennett  · 

July 26, 2023

by Justin Bennett  · 

July 26, 2023

by Justin Bennett  · 

July 26, 2023

Today I’m going to show you why I think USDCAD is setting up for a big run following today’s FOMC.

I share key levels to watch this week and a much more significant opportunity that could materialize later this year.

Watch the USDCAD video below and scroll down for the annotated charts and analysis.

Use my Recommended Forex Broker and get a refund of up to $300 if your first trade is a loss or a 20% deposit bonus! Limited time offer. Don’t miss out!

USDCAD is coming off the 2021 trend line support I’ve mentioned several times on this website.

However, the recent consolidation has made trading the USDCAD difficult.

But we finally have what could be an accumulation (bullish) pattern forming above that 2021 trend line support.

We do have FOMC coming up in a couple of hours, so that’s going to introduce significant volatility for the US dollar.

A sustained break above the 1.3250 region for USDCAD would confirm the breakout and expose higher levels like 1.3300-1.3370.

That will be a significant moment for bulls, as explained in today’s video.

The opportunity for USDCAD longs includes the channel resistance near 1.3450, and possibly the March 2020 trend line closer to 1.3700.

That said, buyers have to clear 1.3250 first.

Until then, USDCAD is consolidating, so another retest of the 1.3130 region can’t be ruled out.

Get Lifetime Access to Our Trading Group for daily analysis videos, see Justin Bennett’s trades in real-time, receive exclusive trade setups throughout the day, and access over 1,000 other forex and crypto traders.

Continue Learning

Leave a Reply

Your email address will not be published. Required fields are marked *

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}