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USD/CAD rallies in the short term after failing to close below 1.2600 psychological level in its last attempt. It's traded at 1.2694 and is almost to hit strong static and dynamic resistance levels.
The Loonie loses ground versus the greenback after yesterday's US and Canadian data. The USD was boosted by better than expected Unemployment Claims, Building Permits, Housing Starts, and Philly Fed Manufacturing Index figures.
You should be careful today as the Canadian and the US data could bring more volatility and high action. Canadian Retail Sales could increase by 0.0% after 0.4% in the former reading period, while the Core Retail Sales indicator is expected to grow by 0.3% in November.
Moreover, the US is to release its Flash Manufacturing PMI and Flash Services PMI data later today. Manufacturing and services sectors could slow down their expansion according to specialists. Fundamentally, worse Canadian data and some good US figures could attract more buyers on USD/CAD, while better than expected Canadian figures and poor US data could send the price down.
USD/CAD has escaped from a major Falling Wedge and now it has developed a minor Falling Wedge reversal pattern. An upside breakout from this pattern and a new higher high could activate a bullish reversal.
It has found support around the S1 (1.2629) failing to retest the Falling Wedge's downside line and now it approaches the Pivot Point (1.2731) and the upside line, the red downtrend line.
The selling pressure remains high as long USD/CAD is trapped with the minor Falling Wedge's body. Only a valid upside breakout above the red downtrend line and passing above 1.2799 high suggests buying again.
Buy a valid breakout above the downtrend line, somewhere above the 1.2750 level.
Selling at these levels is risky as USD/CAD could still try to develop a swing higher in the end.
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