USD/CAD Maintains A Bullish Bias!

Updated:

The USD/CAD pair is trading in the red at 1.2450 level at the time of writing. The pressure is high as the Dollar Index has extended its drop. Technically, the price stands below strong resistance levels, so further growth is uncertain.

The USD depreciated a little in the short term even if the United States NFP and the Unemployment Rate came in better than expected. This week, the main event is represented by the US inflation data. The CPI and the Core CPI will be released on Wednesday. These figures could be decisive.

USD/CAD Technical Analysis!

USD/CAD climbed higher within an up channel pattern. A temporary retreat was somehow expected after failing to take out the channel’s upside line. Technically, it has failed to reach the 150% Fibonacci line in the previous attempt, so personally, I believe that the rate could reach it.

A valid breakout through this line may announce potential upside continuation. It could still resume its upwards movement as long as it stays above 1.2436 static support, former low. A new higher high could bring fresh opportunities.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.