US Existing Home Sales for March are predicted to decrease by 0.8% monthly to 6.19M. Forex traders can compare this to US Existing Home Sales for February, which decreased by 6.6% monthly to 6.22M. The US Leading Index for March is predicted to increase by 1.0% monthly. Forex traders can compare this to the US Leading Index for February, which increased by 0.2% monthly.
The Canadian New Housing Price Index for March is predicted to increase by 1.4% monthly. Forex traders can compare this to the Canadian New Housing Price Index for February, which increased by 1.9% monthly.
The forecast for the USD/CAD remains bearish, with the narrow, descending Ichimoku Kinko Hyo Cloud maintain selling pressure. A combination of crushing debt and a likely disappointing summer holiday season in the US keeps bears in control. The Kijun-sen and the Tenkan-sen entered a sideways trend, with a crossover expected to fuel more selling. After the CCI moved into extreme oversold territory, traders should wait for a breakout before selling rallies in this currency pair.
Should price action for the USD/CAD remain inside the or breakdown below the 1.2460 to 1.2555 zone, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.2500
- Take Profit Zone: 1.2245 – 1.2315
- Stop Loss Level: 1.2620
Should price action for the USD/CAD breakout above 1.2555, the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.2620
- Take Profit Zone: 1.2745 – 1.2810
- Stop Loss Level: 1.2555
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