30.05.202319:57 Forex Analysis & Reviews: USD/CAD to exits its range soon?

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The USD/CAD pair ended its sell-off and now it has turned to the upside. It's located at 1.3602 at the time of writing. In the short term, it moves sideways. So, we'll have to wait for a fresh trading opportunity.

Today, the US and Canadian economic data came in better than expected. The Canadian Current Account came in at -6.2B versus -9.9B expected. On the other hand, the US CB Consumer Confidence, S&P/CS Composite-20 HPI, and HPI indicators reported better than expected data.

Tomorrow, the Canadian GDP and the US JOLTS Job Openings could really shake the markets tomorrow. These represent high-impact events, so the volatility could be high.

USD/CAD Downside Seems Over!

The USD/CAD pair failed to stay below the weekly pivot point of 1.3580 and now it tries to come back higher. Still, a potential rally needs strong confirmation as the rate stands below the median line (ml) and under 1.3612.

It's trapped between 1.3612 and 1.3567 levels. Only a valid breakout from this pattern should bring new trading opportunities.

USD/CAD Forecast!

Jumping, closing, and stabilizing above 1.3612 activates further growth in the short term. This represents a new buying signal.

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