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USD/CAD continues to pressure a dynamic resistance as the USDX remains strong in the short term. Still, the rate could register a temporary drop, sell-off, before deciding to develop a larger growth.
Unfortunately, the pair has registered a false breakout above critical resistance, so now it could come back down trying to capture more bullish pressure. USD rallied yesterday versus its rivals due to better than expected US data.
The Retail Sales increased by 5.3%, beating 1.1% expected, while the Core Retail Sales registered a 5.9% growth even if the specialists have expected a 1.1% growth. Moreover, Industrial Production increased by 0.9%, versus 0.4% expected, while the Capacity Utilization Rate jumped from 74.9% to 75.6% in January.
USD/CAD edged higher yesterday even if the Canadian CPI has beaten expectations increasing by 0.6% more compared to 0.5% expected. The US is to release the Building Permits, Housing Starts, Unemployment Claims, and the Philly Fed Manufacturing Index. On the other hand, Canada will publish the ADP Non-Farm Employment Change.
Personally, I believe that positive US data could boost the pair. Only some poor United States figures could help the sellers to push the price lower.
USD/CAD is traded in the red after another false breakout above the descending pitchfork's upper median line (UML) and through the Pivot Point (1.2711). Actually, yesterday's pin bar, shooting star, signaled that the price could decline again in the short term.
Maybe a temporary drop is natural after the most recent rally. An upside breakout through the upper median line (UML) and above the outside sliding line (SL1) will become imminent if the price stays near UML.
A new drop towards the S1 (1.2638) could offer us a new buying opportunity from the lows. USD/CAD is trapped between the outside and inside sliding parallel lines, SL and SL1, a valid breakout above the outside sliding line (SL1) and stabilizing above the PP (1.2711) brings a great buying opportunity.
Buy a bullish closure above 1.2746 and use the 1.29 and 1.30 as major upside targets.
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