The USD/CAD pair is trading in the green at 1.3252 at the time of writing. You already know that the bias is bullish in the short term as the Dollar Index could hit new highs. Fundamentally, the Canadian GDP registered a 0.3% growth on Friday as expected, while the US data came in mixed.
Today, the US is to release the Chicago PMI and Loan Officer Survey, while ISM Manufacturing PMI, JOLTS Job Openings, and Construction Spending will come out tomorrow. Positive US data should support the USD's appreciation.
USD/CAD 1.3248 Resistance Taken Out!
Technically, you knew from my previous analysis that USD/CAD could develop a new leg higher after retesting the lower median line (LML).
The price jumped and stabilized above the 1.3233 static resistance, signaling more gains. Now, it is challenging the 1.3248 which represents the immediate upside obstacle.
USD/CAD Outlook!
A bullish closure above today's high of 1.3255 activates further growth and is seen as a bullish opportunity.
