fbUSDCAD Forecast | Third quarter US GDP | IFCM

Technical Analysis USDCAD : 2014-11-25

Third quarter US GDP

Today at 14:30 (CET) we expect the release of two economic indicators: Core retail sales, CRS in Canada and the preliminary Q3 GDP in the US. CRS is released monthly by Statistics Canada and shows a relative change in the total value of sales at the retail level, excluding automobiles, which account for 20% of the total volume. CRS is a monthly measurement of all goods sold by retailers, based on the sampling of different types of retail stores. The index defines long-term trends in consumer activity. The quarterly US GDP is also of interest primarily for long-term investors. Let us remind you that GDP expresses the cost of manufactured goods and services and adjusted for inflation. The GDP indicator shows the change in values of the previous quarter (%).In our opinion, the greatest volatility is expected today from the US currency relative to other liquid instruments.


Here we consider the USD/CAD currency pair on the H4 chart. The price is preparing to move in the direction of the green zone, as evidenced by the Parabolic reversal. The fractal support level at 1.11835 is crossing the daily bearish trend line, which makes this mark suitable for reliable risk mitigation of a long position. A pending buy order can be placed above 1.13146, which is also confirmed by Parabolic historical values and the fractal. Conservative traders are recommended to look for the RSI-Bars resistance level breakout at 56.1854%. This signal must confirm the opening of a pending order.

After position opening, Stop Loss is to be moved after the Parabolic values, near the next fractal low. Updating is enough to be done every day after a new Bill Williams fractal formation (5 candlesticks). Thus, we are changing the probable profit/loss ratio to the breakeven point.
Buy stopabove 1.13146
Stop lossbelow 1.11835

Dear traders. For the detailed report of the strategy based on analytical issues of technical analysis click here.

Trading signals with a probability of 80% by Autochartist

  • Easy to use
  • Fully automatic
  • Wide range of analytics

The best trading conditions and high-level services for our clients

We are ready to assist you on any issue 24 hours a day.

This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.