USD/CAD More Gains Could Be Activated!

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The USD/CAD pair rallied within the final three hours and now’s traded at 1.2708 stage. In the brief time period, it has retested the draw back obstacles earlier than attempting to renew its upwards motion. The value stays strongly bullish after the FOMC and BOC because the Dollar Index extends its rally.

Today, the US information got here in combined. The Advance GDP rose by 6.9% versus 5.3% anticipated, whereas the Advance GDP Price Index registered a 6.9% development versus 6.0% anticipated. Furthermore, the Unemployment Claims and the Core Durable Goods Orders got here according to expectations, whereas the Pending Home Sales and the Durable Goods Orders reported worse than anticipated figures.

USD/CAD Technical Analysis!

USD/CAD retested the ascending pitchfork’s median line (ml) and now it challenges the sliding line (sl) which represents a dynamic resistance. A sound breakout above this line and above the 1.2701 may sign an upside continuation.

Technically, the pair is in some way anticipated to renew its development after retesting the 1.2570 and if it stabilizes above the descending pitchfork’s higher median line (UML).

 

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