The USD/CAD pair continues to stay in the buyer’s territory, so further growth is in cards. In the short term, the price has slipped lower, it could test and retest the immediate support levels before resuming its upwards movement.
The currency pair rallied after the US ISM Manufacturing PMI increased from 60.8 to 61.1 points, while the ADP Non-Farm Employment Change was reported at 534K above 524K expected. Today, the Unemployment Claims could report an important growth from 199K to 238K in the previous week.
USD/CAD Technical Analysis!
USD/CAD failed to make a new lower low signaling that the bulls are still strong. It has registered only a false breakdown with great separation below 1.2720 former low and now it stands above the ascending pitchfork’s median line (ML).
In the short term, it could test and retest the median line (ML) before jumping higher. Technically, a new higher high, a bullish closure above the 1.2836 could open the door for an upside continuation.
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