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USD/CAD Prepares to Breakout Ahead of GDP Data

USD/CAD Prepares to Breakout Ahead of GDP Data

Walker England, Forex Trading Instructor

Talking Points:

  • USD/CAD Prepares to Breakout Ahead of GDP Data
  • Sentiment Totals are Extreme with SSI Reading at -2.13
  • Looking for additional trade ideas for Forex markets? Read our 2017 Market Forecast

The USD/CAD has failed to significantly breakout higher in today’s trading, suggesting that the pair is stuck in an ongoing 100 pip range. Despite multiple attempts to breakout higher, the pair has failed to breakout above 1.3400 for the last 10 trading sessions. This point is now acting as a point of resistance, and with prices being rejected here today traders may look for the USD/CAD to trade back towards support found near 1.3300.

Traders may elect to trade this ongoing range as long as prices continue to trade between values of support and resistance. However, traders should be aware of Friday’s release of Canadian GDP data (YoY) (Jan). This is marked as a high importance event on the economic calendar, and increased volatility may cause the USD/CAD to breakout from its range. For reference expectations for Canadian GDP (YoY) (Jan) is set at +1.8%.

USD/CAD, 100 Pip Daily Range

USD/CAD Prepares to Breakout Ahead of GDP Data

(Created Using IG Charts)

Current sentiment totals for the USD/CAD remain extreme, with SSI currently reading at -2.13. This suggests that 31.9% of traders are net-long the USD/CAD, with 68.1% positioned short. Typically SSI is read at as a contrarian value, which suggests that the pair may again attempt to trade higher. In the event of a bullish breakout above 1.3400, it would be expected to see SSI readings remain at a negative extreme. Alternatively in the event of a bearish breakout, it would be expected to see SSI totals move towards more neutral values and then potentially flipping to a positive reading in the future.

New to interpreting market sentiment? Get our Free guide here.

USD/CAD Prepares to Breakout Ahead of GDP Data

--- Written by Walker, Analyst for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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