empty
 
 
30.05.2023 07:57 PM
USD/CAD to exits its range soon?

The USD/CAD pair ended its sell-off and now it has turned to the upside. It's located at 1.3602 at the time of writing. In the short term, it moves sideways. So, we'll have to wait for a fresh trading opportunity.

Today, the US and Canadian economic data came in better than expected. The Canadian Current Account came in at -6.2B versus -9.9B expected. On the other hand, the US CB Consumer Confidence, S&P/CS Composite-20 HPI, and HPI indicators reported better than expected data.

Tomorrow, the Canadian GDP and the US JOLTS Job Openings could really shake the markets tomorrow. These represent high-impact events, so the volatility could be high.

USD/CAD Downside Seems Over!

This image is no longer relevant

The USD/CAD pair failed to stay below the weekly pivot point of 1.3580 and now it tries to come back higher. Still, a potential rally needs strong confirmation as the rate stands below the median line (ml) and under 1.3612.

It's trapped between 1.3612 and 1.3567 levels. Only a valid breakout from this pattern should bring new trading opportunities.

USD/CAD Forecast!

Jumping, closing, and stabilizing above 1.3612 activates further growth in the short term. This represents a new buying signal.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback