Chart of the Day USDCAD Powell’s Senate Speech

Market awaits Chair Powell's Senate Speech

After the recent sell fall in USDCAD, it found support on the yearly low at 1.3310. The market today will be waiting for Fed Chair Speech from the House of Senate at 16:00 CET, so we might see some Dollar strength on the back of it. But my bias remains on the short side after the huge sell-off that we have seen at the end of May.

The best position to get into a short trade on USDCAD will be around the 1.3750 area as it has the support of the 50EMA on the daily time frame & also it will be the first test of the downward trendline that I have on my chart. The stop loss level should be above the May low of around 1.3850 with a profit target around 1.3350 near the yearly lows.