FX.co ★ USD/CAD

Hello traders, The growth of Canada's GDP, which triggered a sharp shift of the USD/CAD pair to a downward movement, was driven by a reduction in imports coupled with an increase in exports. The growth in capital investments was supported by government capital expenditures, while corporate investments remained at the same level. The overall growth was restrained by a decrease in household spending, as well as a slower accumulation of inventories by businesses. Taking these counterbalances into account, it can be assumed that the pair will either complete or pause its decline. However, if sellers consolidate below the level of 1.3978 (Murray 5.8) and resume their activity, the next target for short positions will be the level of 1.3916 (Murray 4.8). An alternative scenario could involve a retracement pattern, where bulls will seek to push the price back towards the resistance level of 1.4038 (Murray 6.8), where the H4 Kijun line is located.