USDCAD - Bullish Bias

USD - Weak Bullish
1️⃣ Investors were cautious ahead of the FOMC meeting, triggering a massive sell-off on the stock market.

CAD - Weak Bearish
1️⃣ The decline in crude oil prices is burdening CAD.
2️⃣ Canadian retail sales are projected to decline in July due to a sharp decline in wholesale sales.

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Technical
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We are looking to buy the USDCAD above the support level.

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Risk to this trade
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Any change in sentiment could turn the pair's direction.

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