Tickmill's Investing Diva, USDCAD Daily Outlook 12-03-20
USDCAD Daily Outlook - On Wednesday the Coronavirus officially became a global pandemic and even actor Tom Hanks tested positive for it.
The US has banned all travels to the US and Italy is in complete lockdown. The Bank of England cut rates by 0.5% in an emergency coronavirus response and the stock market fell more.
Thursday we have the ECB rate decision which could follow the path of the US and the UK. Is this 2008 all over again?
Today I’m looking at the USD/CAD pair which has been surging on oil price slash and broke above a 3-year high and the key resistance level of 1.3793.
A confirmation above this level could open doors for further gains towards a 5-year high above 1.44.
Now I’d like to hear from you. What do you think of the current market conditions and which forex pairs are you trading?
Head over to the comments section and let me know!
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% and 70% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.