Maintain in downtrend zone, waiting for Canadian labor data

🔔🔔🔔USD/CAD news:

➡️ The USD/CAD pair is trading in negative territory around 1.3735 in early Friday morning in Asia. The US dollar edged lower against the Canadian dollar (CAD) as traders increased bets that the Federal Reserve (Fed) will cut interest rates.

➡️ In addition, a rise in US initial jobless claims also weighed on the greenback, with the latest figure beating market expectations of 221,000 and higher than the previous week's 218,000.

➡️ Meanwhile, continued declines in crude oil prices - driven by rising OPEC+ supplies and concerns about weakening global demand - could weigh on the commodity-linked currency, helping limit the pair's losses.

Personal opinion:
➡️ USD/CAD will continue to decline within the current trendline. and wait for the Canadian July Employment Report to be the focus later on Friday.

➡️ Technical analysis based on support resistance levels and EMA combined with trend lines to come up with a suitable strategy

Personal Plan:
🔆Price Zone Setup:

👉Sell USD/CAD 1.3755 - 1.3765
❌SL: 1.3800 | ✅TP: 1.3700

FM wishes you a successful trading day 💰💰💰