Forex Smart Trade Results, Friday, August 9, 2024 – $2,868
Forex Smart Trade Results, Thursday, August 8, 2024 – $10,546
August 26, 2024
Forex Smart Trade Results, Monday, August 12, 2024 -$7,393
August 28, 2024
USD/CAD Trading Tactics.
Since USD/CAD is only active during the U.S. trading session, the pair is highly susceptible to fakeouts during the other two trading sessions.
This means that a break in a significant support level in the USD/CAD during the morning European trading session would, more often than not, simply be a fakeout.
Watching the differences in the results of economic data between the U.S. and Canada is also a great practice to determine where the USD/CAD is headed.
Because both US and Canadian data are released just a few hours or minutes apart, variances in results tend to result in exaggerated one-directional moves.
For instance, negative US data coupled with positive Canadian data would be a good reason to sell USD/CAD.
Lastly, beyond looking at economic data, spending some time analyzing oil price behavior would help a lot in trading the CAD.
Since Canada is considered one of the world’s major black crack (oil) producers, changes in its price create quite a hefty impact on the CAD’s value.
In fact, since 1988, the exchange rate of USD/CAD and the price of oil have been inversely correlated by as much as 68%.
How can you use this to your advantage?
Well, if you notice that over time that oil prices at your local gasoline station are rising, it could give you the additional confirmation you need to short the USD/CAD.
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