Our Forex trading signals continue selling the US dollar against the Canadian dollar, but there are signs that the USDCAD may bounce off of nearby support. In fact, many DailyFX analysts prefer buying the USDCAD or at the minimum scaling back standing short positions through near-term trade.
We remain medium-term bearish on the USDCAD, favoring a move towards 1.0100. Yet continued bounces off of clear support at 1.0300 suggests that a short-term rally is the more likely scenario.
Keep track of this EURUSD signal and others on our Forex Buy/Sell Signals on DailyFX+ and be sure to monitor any updates, as our automated forex signals can and do change on a daily and intraday basis.
For more information and guides on using our DailyFX Buy/Sell Signals, see our Weekly Forex Trading Strategy Outlook report.