The USD/CAD pair rallied in the last three hours and now is traded at 1.2708 level. In the short term, it has retested the downside obstacles before trying to resume its upwards movement. The price remains strongly bullish after the FOMC and BOC as the Dollar Index extends its rally.
Today, the US data came in mixed. The Advance GDP rose by 6.9% versus 5.3% expected, while the Advance GDP Price Index registered a 6.9% growth versus 6.0% expected. Furthermore, the Unemployment Claims and the Core Durable Goods Orders came in line with expectations, while the Pending Home Sales and the Durable Goods Orders reported worse than expected figures.
USD/CAD Technical Analysis!
USD/CAD retested the ascending pitchfork’s median line (ml) and now it challenges the sliding line (sl) which represents a dynamic resistance. A valid breakout above this line and above the 1.2701 could signal an upside continuation.
Technically, the pair is somehow expected to resume its growth after retesting the 1.2570 and if it stabilizes above the descending pitchfork’s upper median line (UML).
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