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The USD/CAD pair dropped a little in the short term also because the Dollar Index retreated. The current drop could be only a temporary one. Technically, the retreat could bring new long opportunities.
Today, the US banks were closed in observance of Thanksgiving Day. In the short term, the greenback depreciated a little as the DXY was too overbought. Also, the Prelim GDP reported only a 2.1% growth versus 2.2% expected.
As you can see, the USD/CAD pair is trapped within the Falling Wedge pattern. It's located above the 23.6% retracement level. Staying above it and making a valid breakout through the pattern's resistance could signal a new swing higher.
After reaching the Ascending Pitchfork's median line (ML) which represents a dynamic resistance, a temporary decline was natural. Personally, I believe that only dropping and stabilizing below the 23.6% level could signal a potential larger correction.
A valid breakout above the Falling Wedge's resistance followed by a minor consolidation could signal a new bullish momentum towards the Ascending Pitchfork's median line (ML).
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
