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USD/CAD found strong support and now it is moving sideways. At the time of writing, the pair was located at the 1.2521 level. The price action developed a range pattern, so only a valid breakout from this formation could bring great trading opportunities.
Today, the fundamentals could drive the rate, that's why you should keep an eye on the economic calendar. The Canadian Retail Sales could register a 1.2% rise in November versus 1.6% in October, while the Core Retail Sales may report a 1.1% increase. Furthermore, the US CB Leading Index could advance by 0.8%.
In the short term, USD/CAD could be trapped between 1.2453 and 1.2570. It retested 1.2453 and the lower median line (lml) of the ascending pitchfork confirming that these levels are strong downside obstacles.
Then, it jumped above the median line (ML) of the descending pitchfork. The next upside obstacle is represented by the 61.8% retracement level. In the short term, the currency pair could extend its sideways movement.
A valid breakout above 1.2570 could validate an upside continuation and could bring long opportunities.
Coming back below the descending pitchfork's median line (ML) and making a valid breakdown below 1.2453 could announce a further drop.
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