The USD/CAD pair seems undecided in the short term, maybe the traders are waiting for the United States economic data before taking action. In the short term, the upside pressure remains intact as the Dollar Index could resume its growth after the current retreat.
The US ISM Manufacturing PMI could bring life to the USD/CAD. The indicator could drop from 61.1 to 60.4 points. Better than expected ata could boost the USD, while worse than expected data could weaken the greenback.
USD/CAD Technical Analysis!
USD/CAD stands above the weekly pivot of 1.2370 and right under the upper median line (UML). Its failure to approach and reach the 1.2308 – 1.2302 support zone signaled that the buyers are strong in the short term.
Stabilizing above the pivot point and making an upside breakout above the upper median line (UML) could bring new long opportunities. An upside breakout is imminent if the pair stays near the upper median line (UML).
Conclusion!
The rate has slipped lower to test and retest the weekly pivot only because the DXY has retreated. Making a new higher high could announce strong upwards movement.
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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