29.11 - USD/CAD has all the chances to break month-long uptrend today
- by Anna K.
Markets today are very slow and very sleepy. With Americans being off the market [pun intended] we can see that all of the major assets are slowing down and there is not so much movement. Plus, with Americans being our major news-makers, it is hard to see what can shake and change our trading today. But. There is something that has a potential to shake things up for us today. And it is going to come out of Canada.
USD/CAD couple is waiting for Canadian GDP data today. Yes, today is the day when we are going to find out the state of Canadian economy and whether it has been growing in the last months or not. Huge potential to disrupt our trading and reverse the overall uptrend of the couple. And the fact that all of this comes amidst Americans being on holiday and not being able to support USD just makes the situation even more interesting and adds more spices to it.
We are torn – on one side with want Canadian economy to grow and develop, on the other hand we have really been enjoying the growth of USD/CAD. And, unfortunately for us, there is no way that these two can co-exist in the modern world. And today we are going to see which one wins after all.
Be ready for volatility and changes with our trading signals.