For Traders

Analytical Reviews

Forecast

21.02.202322:12 Forex Analysis & Reviews: USD/CAD retreat ended, upside continuation

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The USD/CAD pair rallied in the short term and was trading at 1.3541 at the moment of writing. The rate ended its retreat, and now it seems determined to resume its growth. After its previous growth, a temporary retreat was natural.

Today, the fundamentals moved the markets. The Canadian CPI rose by 0.5% less compared to the 0.7% growth expected. On the other hand, the USD received a helping hand from the Flash Services PMI and Flash Manufacturing PMI. The indicators came in better than expected.

USD/CAD strongly bullish

USD/CAD found strong demand above the weekly pivot point of 1.3430, and now it has jumped above 1.3519 historical level (static resistance). Stabilizing above this level activates further growth.

Technically, after registering a false breakdown with great separation below the lower median line (LML), the USD/CAD pair signaled a new leg higher.

USD/CAD forecast

Consolidating above the broken level of 1.3519, testing and retesting this level may announce further growth. This scenario stands as a long opportunity.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.