USD/CAD dropped aggressively in the short term as the Dollar Index plunged as well. The pair has found support and now it tries to come back higher.
DXY’s rebound helps the greenback to appreciate versus its rivals. The USD bulls ignored the US Unemployment Claims poor data. Today, the US Flash Manufacturing PMI, Flash Services PMI, and the Canadian retail sales data could be decisive for USD/CAD.
Technical Analysis!
USD/CAD dropped after failing to stay above the up channel’s upside line. Now it has found support on the weekly pivot point (1.2550) level. The downside movement was stopped by the immediate uptrend line.
Technically, staying above it and making a new higher high could really announce a potential strong growth ahead.
Only dropping below the uptrend line could signal a potential drop and could invalidate the bullish scenario.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
Leave a Reply