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USD/CAD has finally managed to breakout above the major downtrend line signaling that we may have a bullish reversal. The currency pair could jump higher if the US Dollar Index will be lifted by the US CPI and Core CPI data today.
The pair has signaled a potential reversal after making a false breakdown with a huge separation below the 1.3356 static support. USD/CAD has made an accumulation in the short term and now it looks ready to trade higher.
USD/CAD has found strong support right on the median line (ml) of the minor black descending pitchfork and now it has escaped from this pitchfork and has registered an aggressive breakout above the downtrend line.
The failure to reach and retest the lower median line (LML) of the major ascending pitchfork has suggested a potential bullish momentum. USD/CAD is traded between the lower median line (LML) and the inside sliding line (SL) of the ascending pitchfork, it could reach new highs as long as it will stay within this up channel.
The next upside target is at the inside sliding line (SL), up channel's resistance, only an upside breakout from this pattern and a valid breakout above the 50% level, R1 (1.3811) level, will announce a larger upside movement, swing higher.
We could buy a valid breakout above the 1.13666 static resistance with a first potential target at the sliding line (SL), or higher at the R1 (1.3811) level. A valid breakout above the sliding line (SL) could announce a further increase towards the R2 (1.4048) and towards the median line (ML) of the major ascending pitchfork. This scenario could happen if the USDX rebounds in the short term, if the index gives birth to another leg higher.
Further growth could be invalidated if USD/CAD will invalidate the breakout above the downtrend line and if it comes back below the Pivot Point (1.3563).
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