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The USD/CAD pair has turned to the upside in the short term, the reversal seems confirmed as the pair has managed to close above the former high. The pair will resume the bullish movement if the USDX climbs higher in the nearest days.
Statistics Canada is to release the Canadian GDP later today, the indicator is expected to drop by 12.3% in April, versus a 7.2% decline in the previous reading period. The US Chicago PMI, CB Consumer Confidence, and the FED Chair Powell Testifies could bring a sharp move today.
USD/CAD is trading at 1.3694, it has consolidated a little and now it seems strong enough to jump higher. The outlook will be bullish as long as the price stays above the black uptrend line.
I've said in a previous analysis that, USD/CAD will increase further in the short term if the quote escapes from the minor down channel and if it makes another higher high. The pin bar from right below the S2 (1.3426) has signaled a potential reversal, USD/CAD has failed to come back to test and retest the lower median line (LML) of the major ascending pitchfork signaling that the bulls are strong.
If USD/CAD closes above 1.3715, most likely it will continue to increase towards the PP (1.3884) level. The major upside target is seen at the median line (ML) of the major ascending pitchfork, USD/CAD could approach this potential upside target only if the USDX develops a broader upside movement, it the index registers a bullish reversal.
A further increase could be invalidated only by a valid breakdown below the minor uptrend line, such a breakdown could bring another short opportunity in the short term.
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