USD/CAD continues to pressure the immediate upside obstacles signaling strong buyers. A valid breakout could bring a long opportunity. The price is bullish and it tries to capture more bullish energy before resuming its upside movement.
Today, the ADP Non-Farm Employment Change, Final GDP, Final GDP Price Index, Chicago PMI, and the Pending Home Sales could bring life to USD/CAD. Better than expected US data will definitely push the pair higher.
Canada is to release its GDP later today, the indicator is expected to increase by 2.9%. You should be careful around these releases as the volatility will be high.
The pair tries to take out the dynamic resistance represented by the median line (ML). A bullish closure above 1.3420 today's high could suggest buying. The USD could be lifter by good US figures, so USD/CAD could register a sharp growth.
USD/CAD has consolidated, accumulated, above the 50% Fibonacci retracement level. A bullish fly above the 61.8% (1.3440) level confirms a broader upside movement.
- USD/CAD Trading Tips
Buy from above the 61.8% (1.3440) level with potential upside targets at the R2 (1.3571) and R3 (1.3725) levels.
Sell a major bearish engulfing printed on the median line (ML) followed by a drop below the PP (1.3324) level.
