Simon Alagbe analyzes USD/CAD on the 4-hour chart, spotting a break above a trend line with a retest setup for a short trade. U.S. unemployment claims data due at 1:30 PM is expected to exceed 5.3 million, weakening the dollar. He places a sell-stop order at 1.40737 with take-profit at 1.39874.
Chapters
Good day, welcome to Rally Academy's daily market analysis. My name is Alagbe Simon, a market analyst with Rally Academy. Today we would be looking out for trading opportunity on USD/CAD. So let's take a look at the charts. This is USD/CAD on the 4-hour time frame. We would see that USD/CAD respected this trend line until this candle was able to close slightly above it, and then these other ones were able to continue the upward movement. So we've been having some series of candles while also trying to retest this trend line. So I'm expecting USD/CAD to retest this trend line to confirm the strength of this trend line. So that is giving us a very straight trade. We are looking out for USD/CAD to sell from this point to around this point where we have the trend line. And then not forgetting the fundamental front, let's quickly check Forex Factory. So today by 1:30 PM, we're expecting unemployment claims from the US. So looking at this data in the last 3 weeks, um, specifically the first week we had 3 million plus persons filing for jobless claim. 2 weeks ago, 6.6 million, same as what we had last week. Um, the forecast for this week is 5.3 million individuals filing for jobless insurance. But looking at the way the data has been coming out in the last few weeks, we should be expecting the unemployment claims to be higher than this 5.3 million that has been projected by economists. So which means around this time too, there should be some weakness in the dollar, which is also favoring the direction we are also looking at taking on USD/CAD, which is a sell trade. Um, so we'll be having our sell trade from this level, and then we have our take profit at this price level, and then our stop loss will be around this level too, the recent high. Okay, so we have our stop loss around this region. Okay, so let's get to place the trade. So we come to New Order, change this to Pending Order, then to a sell stop. So we have a price level there, 1.40737. Okay, so this is the trade. We have modify or delete order. Stop loss is 1.42763, 1.42763, while our take profit is 1.39874. So we have Our pending trade, our pending sell trade on USD/CAD. We are envisaging USD/CAD to retest this trend line. So for us to take advantage of that retest, we have a sell stop trade. And also looking at the fundamental firms supporting the sell on USD/CAD ahead of the release by 1:30 PM today. So we see that we already prepared for that data later in the day. So thank you very much for watching. Do make some good money for yourself on USD/CAD today.
