USDCAD → Trend change, bullish mood, but...
Updated
USDCAD is forming a trend change. The completed correction, recovery and formation of a pre-breakout set-up hint at the continuation of growth. But, how will the price behave during the news?A global trend is forming on D1, which indicates neutrality in the market. The price is moving mainly from the borders of the global range. A reversal pattern is forming against the support and the market is heading towards the resistance area. Bulls are interested in the blue area.
On H4, the level of 1.3528 is formed, a pre-breakdown consolidation is formed relative to the level. Earlier the price overcame the key boundary at 1.3487, which confirms the change of the pattern and the breakdown of the structure. The consolidation of the price at 1.3528 will favorably influence the continuation of growth to 1.3629.
Support levels: 1.3487, 1.3422, 1.3350
Resistance levels: 1.3528, 1.3629
An ascending pattern of price movement is formed locally. The chart indicates a bullish mood and local zones that are worth paying attention to for trading
DXY Regards R. Linda!
Note
At 13:30 GMT expected news such as:Core Durable Goods Order
GDP (QoQ) (Q4)
Initial Jobless Claims
And across the conglomerate, traders and analysts are expecting bad data for the US market.
If expectations are confirmed and the market receives either such information or data worse than expected, it may have a bad impact on the dollar. Accordingly, Forex may strengthen
Note
Overall, today's news is strong for the dollar. It may strengthen the pair.
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