USD/CAD is going through non-volatile bullish trend this week without any interference of bears in the market. Being inside a corrective range between 1.30-1.32, USD is the stronger currency in the market this week, CAD has been facing some serious pressure to keep up against USD. Today CAD had Core Retail Sales report was published at -0.3% which was expected to be 0.8%. Though the report was negative but in recent hour CAD managed to gain some strength against USD. Today USD will be having Home Sales Report to be published, it is expected to be 5.55M which was previously 5.49M. If the Home Sales report comes positive, USD is expected to gain more strength against the CAD in the long run.
Now let us look at the technical view, the price has recently bounced off from the resistance 1.3210 after the CAD Core Retail sales news was published. Currently price is stalling below the resistance 1.3210 and it is expected that after the US Home Sales report gets published the price is going to break over the resistance 1.3210. If the price breaks above 1.3210 with a daily close, we will expect further bullish move towards the Trendline resistance at 1.33. If the price breaks the Trendline resistance as well as the January high 1.34, we will expect further bullish move towards the key level 1.36 and so on.
