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USD/CAD downside seems limited after failing to reach new lows or to approach at least the 1.2575 former low. The pair moves sideways in the short term developing a symmetrical triangle.
Technically, the pair was expected to increase as the USDX has registered a new higher high confirming a bullish reversal. Still, it seems that the buyers need a bullish spark before going long on USD/CAD.
Today, the US CPI, Core CPI, and the Canadian BOC Rate Statement could shake the pair. The high-impact data may bring high volatility and could also bring a clear direction on USD/CAD.
USD/CAD failed to reach the S1 (1.2571) and now is traded back above the Pivot Point (1.2654) level. The price action prints a symmetrical triangle on the H4 chart, an upside breakout could really signal a bullish reversal.
Escaping from this pattern brings a great trading opportunity, a long or a short one. Technically, USD/CAD was expected to increase further after getting out from a former Falling Wedge pattern and from the descending pitchfork's body.
USD/CAD should develop an important swing higher if it makes a valid breakout above the R1 (1.2733) static resistance. So, an upside breakout from the symmetrical triangle validates a bullish reversal.
Such a breakout signals an increase at least till the R3 (1.2895) level. You should be careful because anything could happen after today's US and Canadian data. Poor US figures could force the pair to register a downside breakout which signals a further drop.
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