Can you use this Forex tip in your trades?

Get set for important news releases from the US and Canada this Friday!

The US/Canadian dollar currency pair is one of the most important in Forex trading. As the might of the world’s greatest economy is traded off against its larger, oil rich neighbor in the North, the Forex market watches and waits. Now, the simultaneous release of trade balance figures from both Canada and the USA could be set to have an important impact on the pair’s fortunes. Traders looking for an opportunity to trade in these pairs should certainly tune in.

 What is happening with the USD/CAD?

Is the USD/CAD heading downwards once  more?

The USD/CAD currency pair is heading downwards once again. This has been the pair’s leading trend since March.  Last time the pair headed downwards it was stopped in its tracks by the important support line at 1.02, it then headed upwards until it met firm resistance around 1.085.  In the coming days, the pair could be ready to start testing 1.02 again, whether it does or not could depend on Friday’s Trade Balance figures.

Friday’s Canadian and US trade balance figures are released at 1.30pm GMT. After five months of trade deficit in a row Canada’s Trade Balance figure is predicted to show a negative number once again, although the figure of -$1.6 Billion would be an improvement on the previous month. The US Trade Balance is predicted to worsen this month with an expected result of -$31.6 Billion.

Friday’s Trade Balance Predictions for 1.30pm GMT

 What should you do about this trading opportunity?

• Follow the news releases from your eToro trading account and be ready to enter the markets with a trade should the results go against expectations
• Watch to see if a trend starts to form and get ready to exploit it for yourself

 To keep regularly informed about this and other important news releases keep track on all the daily and weekly  news.

 Would you like to learn to perform your own Forex analysis and spot valuable trading opportunities as they develop? Our Forex E-Course can help you do just that click here to take the first lesson for free!

Successful Trading!

The eToro Team

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