Look Out For Buying Opportunity
The green buck seems to recover against the Canadian dollar as it makes the slow climb after sell rout and which may be just a correction move as the down rally cools off albeit temporarily. Also, this week the dollar was given a jack in the arm after the federal reserve upbeat economic outlook that they stated this mid-week, which was way different from the projections they had stated prior during the month of June meeting.To get more news about
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Also, though not implicit but according to my readings between the lines, it seems Chair Powell or the board members at large, are or may be confident that, the American economy will recover faster than expected even against global coronavirus pandemic.
Starting the trading month of September, market structure has been making an ascending channel making higher highs and higher lows and you can see buyers are rejecting any down moves or price bid to the down side as seen by those green piercing candle that were two of them that formed during yesterday trading day session.
More than the key levels as clearly enumerated on the charts, market participants are awaiting todays retail sales data from Canada and if falls short of market forecast, then we expect supporting limit or stop orders to the upside especially after break and retest of yesterday trading session high.
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa
