USD/CAD Upwards Continuation Signaled!

USD/CAD Upwards Continuation Signaled!

USD/CAD maintains a bullish bias after escaping from a minor chart pattern. Also, it has managed to stay above the daily pivot point (1.2498) indicating strong buyers.

Higher inflation reported by the US boosted the greenback in yesterday’s session. USD/CAD has slipped lower in the short term, but the bias remains bullish. You should be careful later today and the BOC Rate Statement and the BOC Press Conference could bring high volatility and sharp movements.

USD/CAD H1 Technical Analysis!

USD/CAD has decreased from 1.2539 yesterday’s high and now it has found support on the daily pivot point of 1.2498. It has developed a minor Falling Wedge pattern, so an upside breakout could bring continuation.

Coming back and stabilizing above the 78.6% retracement level could attract more buyers. The upside scenario could be invalidated if USD/CAD drops and stabilizes under the daily pivot point (1.2498).

Conclusion!

USD/CAD could resume its growth if the DXY jumps higher. Technically, the bias remains bullish as long as it stays above the daily pivot point!

 

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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Author : Olimpiu Tuns

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.