The USD/CAD pair continues to move sideways in the short term. So, personally, I'll wait for a valid breakout from the current range before taking action. It's trading at the 1.2704 level at the time of writing. In the short term, it could resume its sideways movement.
Today, the fundamental factors could move the price, that's why you have to be careful. The Canadian CPI is expected to register a 0.6% growth versus a 0.1% drop in the previous reporting period. The volatility could be high as the US is to release its retail sales. Also, the Industrial Production could register a 0.4% growth, while the Capacity Utilization Rate could be reported higher at 76.8%.
USD/CAD Sellers In Control!The USD/CAD pair is under strong bearish pressure in the short term. It could challenge the ascending pitchfork's median line (ml) which stands as a dynamic support. As you already know from my analyses, the price is trapped between 1.2650 and 1.2796 levels.
Personally, I'll wait for a valid breakout from this pattern before going long or short. Technically, its failure to approach and reach the former highs signals that the buyers are exhausted.
USD/CAD Outlook!A valid breakdown below the 1.2650 could confirm a downside continuation. This scenario could bring new selling opportunities.