UNLOCK PLATINUM’S STRATEGY AND TRADE USDCAD LIKE A PROFESSIONAL IN JUNE

In today’s article, we would like to talk about the Canadian Dollar. If you are new to FOREX trading, do not worry! Just send us a message and we can show you how easy it is to trade currencies in a free 30-minute consultation.

The Platinum Way

As most of you know, here at Platinum, we always study the fundamentals first for any currency and then move on the technicals because we believe this provides a true edge to trading the markets.

Let’s analyse and understand what is happening with the Canadian Economy

The Bank of Canada (BOC) kept its key interest rate unchanged at 0.5 per cent in the last meeting in May as it weighed the clashing forces of falling inflation and a surprising burst of economic growth. But BOC warned that these factors could be only temporary. In its statement, the central said that the heated growth in the first quarter (now on a pace to hit 4.7 percent annual rate) will be followed by “some moderation” in the April-to-June quarter. In April, the bank had forecast 3.8 percent GDP growth in the first quarter.

BOC has chosen to play the waiting game once more and is still adjusting the Canadian Economy to lower Oil prices. The Central Bank argues that this is a complete process now, but as far as the fx market is concerned, the Canadian Dollar is still very attached to Oil prices.

Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets.

IMPORTANT NEWS EVENTS TO KEEP AN EYE OUT FOR ON THE LOONIE GOING FORWARD:

• Consumer Inflation Expectation on Tuesday, June 14
• GDP m/m on Wednesday, May 31^st
• Trade Balance on Friday, June 2^nd
• Employment Change and Unemployment Rate on Friday, June 9^th
• Core Retail Sales on Friday, June 16^th
• Crude Oil Inventories out every Wednesday

Platinum’s Trading Strategy for the USD/CAD in the upcoming weeks:

• Platinum Triggers that will commence bearish trades or Short Selling
  • Dovish Fed and poor US economic data
  • Better than expected Canadian economic data
• Platinum Triggers that will commence bullish trades or Buying
  • Worse Canadian economic data
  • June rate hike from FED
  • Better than expected US economic data in June

When someone first hears the words technical analysis they tend to over think and start believing that trading is too difficult and time-consuming. Believe me, every single chart that you can see that we have published is very basic just outlining how the trade is produced with the help of a Trading Strategy.

Here at Platinum, we have a belief that:

Perfect Trade = Perfect Fundamental + Perfect Technical Analysis + Perfect Logic + Perfect Risk Management.

So with the above in mind, let’s talk about the piptastic opportunities and Trading Strategies that are coming to the Platinum Trading Floor in the month of June.

Before moving ahead ALWAYS USE STOP LOSSES IN TRADING

Understanding the Art of Buying and Holding, View Platinum’s Chart Analysis of USD/CAD Below

All trades should have a stop loss, not more than 40 Pips as stated on the chart. Place alerts at these levels and watch the profitability in front of your eyes, we can have over a 200 Pips move in one day, so please learn the art of buying and holding.