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USD/CAD rebounded after reaching strong downside obstacles. It stands at 1.2474 level and it could come back higher to test and retest the broken uptrend line. Technically, the current rebound could end soon as the outlook is bearish.
The pair has increased only because the Dollar Index has increased. Unfortunately, the Canadian GDP was reported at -0.3% as expected failing to keep the Loonie higher in the short term.
The USD has taken the lead also because some of the US economic indicators have come in better than expected. Also, a temporary rebound was somehow expected after yesterday's sell-off.
USD/CAD found support on the second warning line (WL2) of the descending pitchfork and now is traded back above the weekly S1 (1.2452). It's almost to reach the 38.2% retracement level which is seen as immediate static resistance.
Technically, it could come back to test and retest the uptrend line confirming its breakdown. The current rebound could help us to catch a new selling opportunity from around the uptrend line.
A false breakout above the uptrend line or through 1.2590 could bring us a new selling signal. Also, a new lower low, dropping below 1.2422 today's low could activate further declines.
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