USDCAD’s 1.2630 capping the downside, US inflation data in sight

Avatar
14 September 2021 | Updated: 14 September 2021

Key Support: 1.2630
Key Resistance: 1.2650 – 1.2750

The USDCAD bounced off the 1.25 level last week creating a nice 247 pip weekly range on a +1.97% bullish run (low to highs). We are looking at a possible USD bullish breakout today which could bring bullish momentum in this market.
The 1.2690 to 1.27 level is capping the upside here but the overall bullish structure remains intact.

The highest probability trade is to the upside but should CPI numbers miss expectations short term sellers are hitting the bid in the USD bringing bearish momentum here.

My trade rationale, however, is looking to add to my already long trade from last week on a breakout of this continuation pattern.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!