The USD/CAD pair is trading at 1.3512 at the time of writing. In the short term, it is trading sideways, so we’ll have to wait for fresh trading opportunities. The Dollar Index remains bullish despite the current drop. DXY’s further growth should force the greenback to appreciate versus its rivals.
Fundamentally, Canadian Retail Sales reported a 1.4% drop versus the 1.3% drop estimated, while Core Retail Sales registered a 0.3% drop compared to the 0.8% drop estimated.
USD/CAD 1.3535 Key Resistance!
The USD/CAD pair is trapped between 1.3437 and 1.3535 levels. It has failed to reach and retest the uptrend line signaling strong upside pressure. Now, it has passed above the downtrend line which represents a dynamic resistance.
Stabilizing above the downtrend line may announce an imminent breakout through 1.3535 which could announce more gains ahead.
USD/CAD Outlook!
A bullish closure above 1.3535 activates further growth and represents a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair is trading at 1.3512 at the time of writing. In the short term, it is trading sideways, so we’ll have to wait for fresh trading opportunities. The Dollar Index remains bullish despite the current drop. DXY’s further growth should force the greenback to appreciate versus its rivals.
Fundamentally, Canadian Retail Sales reported a 1.4% drop versus the 1.3% drop estimated, while Core Retail Sales registered a 0.3% drop compared to the 0.8% drop estimated.
USD/CAD 1.3535 Key Resistance!
The USD/CAD pair is trapped between 1.3437 and 1.3535 levels. It has failed to reach and retest the uptrend line signaling strong upside pressure. Now, it has passed above the downtrend line which represents a dynamic resistance.
Stabilizing above the downtrend line may announce an imminent breakout through 1.3535 which could announce more gains ahead.
USD/CAD Outlook!
A bullish closure above 1.3535 activates further growth and represents a buying opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
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