USDCAD BUY TRADE BASED ON BOC DECISION

2020-03-03 10:46:55

Fundamentals- After publishing a dovish statement lat month, BOC is expected to cut-rate tomorrow. The market is expecting a global cut-rate this year. Coronavirus has a negative impact on oil prices. Since cad strength strongly depends on the oil price, I am forecasting cad to be depreciated against us dollar. Hence this USDCAD BUY trade idea.
IMPORTANT- BOC CASH RATE and CORONAVIRUS is the most important 2 factors behind this idea.

Technical- Usdcad pair has broken the trendline of a major downtrend channel.

*************************************************************
I only trade AUD AND NZD related pairs and some major fundamentals events. I closely monitor CHINEESE STOCK MARKET, NEWZEALAND AND AUSTRALIAN ECONOMY to do my analysis.

After years of fx trading, I've found, it's best to trade with 1 or 2 currency pairs. Narrow focus brings the best result in the forex market.

I try to post and update my trade ideas every week. Follow me, if you like my analysis.
I use both fundamental and technical analysis to generate trade ideas. I don't feel comfortable placing orders based on just some random indicators. I look for strong fundamental reasons and these indicators help me to achieve a great risk to reward ratio.

May we all gain some Pips. Happy trading...

I also manage investor's funds and give forex signals. Feel free to contact me if you are interested.

Feel free to contact me for any forex related issue
CONTACT INFO:
Email: mr908fardun@gmail.com
Telegram and what's app: +8801610226090
MYFXBOOK: FARDUN908