The USD/CAD pair rallied and now is located at 1.3236 at the time of writing. It has increased by 0.69% from yesterday's low of 1.3158 to 1.3248 today's high. The USD dominates the currency market as the Dollar Index edged higher after the US reported positive figures yesterday.
The greenback received a helping hand from the US Advance GDP, Unemployment Claims, Pending Home Sales, Prelim Wholesale Inventories, Goods Trade Balance, Durable Goods Orders, and Core Durable Goods Orders data.
Today, the Canadian GDP is expected to register a 0.3% growth. On the other hand, the US is to release the Revised UoM Consumer Sentiment, Core PCE Price Index, and Employment Cost Index. All these represent high-impact events and could shake the price.
USD/CAD Strongly Bullish!
As you can see on the H1 chart, the rate retested the lower median line (LML) and now it has rallied. It is challenging the 1.3233 static resistance. After its amazing rally, temporary retreats or an accumulation is natural.
From the technical point of view, staying near 1.3233 announces strong buyers and an imminent breakout and upside continuation.
USD/CAD Forecast!
A bullish closure above 1.3248 today's high activates further growth and is seen as a new buying signal.
