Main Quotes Calendar Forum
flag

FX.co ★ USD/CAD: upside reversal in play

parent
Forex Analysis:::2023-11-30T10:14:25

USD/CAD: upside reversal in play

The USD/CAD pair is trading in the green at 1.3605 at the time of writing and it seems determined to extend its growth. The Dollar Index's rally boosted the USD which dominates the currency market in the short term. Yesterday, the US Prelim GDP came in better than expected which represented a high-impact event, while the Canadian Current Account came in worse than expected.

Today, the US and the Canadian economic figures should bring high volatility. The Canadian GDP may report a 0.0% growth. On the other hand, the US Core PCE Price Index and Unemployment Claims represent high-impact events as well. The USD is bullish in the short term, so positive US data should push it higher versus its rivals.

USD/CAD Breakout Confirmed!

USD/CAD: upside reversal in play

Technically, the USD/CAD pair escaped from the down channel pattern signaling a potential upside reversal.

It has moved sideways after validating the breakout through the downtrend line. The current range between 1.3564 and 1.3612 represents an accumulation.

USD/CAD Forecast!

Jumping and closing above 1.3612 is seen as a bullish signal as the rate could approach and reach new highs.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...