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Greetings, dear traders. This time, I will show you a long-term recommendation on an instrument such as USD / CAD.
What is interesting in this instrument now? First of all, the data on unemployment from Canada came out last Friday. Typically, these reports come out simultaneously with American Non-farm (NFP), but this time, the publication was separate. With this impulse, the Canadian dollar strengthened strongly against the US dollar, completely absorbing the abnormal growth a week earlier. At the moment, this indicates a very strong seller in the market.
Since the plan is long-term, its implementation can take from several days to several weeks. Thus, it makes sense to wait for a rollback and consider selling on smaller TFs.
It's important to understand that a lot of data will be released on Wednesday, such as the base index of retail sales for the American dollar and inflation for the Canadian one. Moreover, regular oil reserves will also affect the Canadian dollar. What is more reasonable here would be to expect the continuation of decline precisely after the release of all these news on Wednesday.
I wish you success in trading and big profits!
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