empty
30.11.2023 12:14 PM
USD/CAD: upside reversal in play

The USD/CAD pair is trading in the green at 1.3605 at the time of writing and it seems determined to extend its growth. The Dollar Index's rally boosted the USD which dominates the currency market in the short term. Yesterday, the US Prelim GDP came in better than expected which represented a high-impact event, while the Canadian Current Account came in worse than expected.

Today, the US and the Canadian economic figures should bring high volatility. The Canadian GDP may report a 0.0% growth. On the other hand, the US Core PCE Price Index and Unemployment Claims represent high-impact events as well. The USD is bullish in the short term, so positive US data should push it higher versus its rivals.

USD/CAD Breakout Confirmed!

This image is no longer relevant

Technically, the USD/CAD pair escaped from the down channel pattern signaling a potential upside reversal.

It has moved sideways after validating the breakout through the downtrend line. The current range between 1.3564 and 1.3612 represents an accumulation.

USD/CAD Forecast!

Jumping and closing above 1.3612 is seen as a bullish signal as the rate could approach and reach new highs.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

Technical Analysis of Intraday Price Movement Natural Gas Commodity Instrument, Wednesday May 07, 2025.

On the 4-hour chart, the Natural Gas commodity instrument appears to have a bearish 123 pattern followed by a bearish Ross Hook (RH) plus confirmation that the price movement

Arief Makmur 07:43 2025-05-07 UTC+2

Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 07, 2025.

If we look at the 4-hour chart of the AUD/JPY cross currency pair, we will see a Descending Broadening Wedge pattern where this pattern gives an indication that

Arief Makmur 07:43 2025-05-07 UTC+2

Trading Signals for EUR/USD for May 6-8, 2025: sell below 1.1370 (200 EMA - 6/8 Murray)

Technically, the euro is exhausted. So, the bearish outlook could remain valid as long as ER/USD settles below 1.1370. It could then reach the 200 EMA located at 1.08

Dimitrios Zappas 17:50 2025-05-06 UTC+2

Trading Signals for GOLD (XAU/USD) for May 6-8, 2025: sell below $3,405 (21 SMA - 8/8 Murray)

Early in the American session, gold is trading around 3,381, retreating after reaching a high around 3,397. Gold as a safe-haven asset is nervous due to geopolitical tensions around

Dimitrios Zappas 17:49 2025-05-06 UTC+2

Forex forecast 06/05/2025: EUR/USD, GBP/USD, Gold, Oil, SP500, NASDAQ and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 11:16 2025-05-06 UTC+2

EUR/USD. May 6th. Bears Did All They Could

On Monday, the EUR/USD pair made a new reversal in favor of the U.S. dollar, but this time the decline was even weaker. For most of last week, bears launched

Samir Klishi 10:30 2025-05-06 UTC+2

GBP/USD. May 6th. China Got What It Deserved

On the hourly chart, the GBP/USD pair continued to trade sideways on Monday. The sideways movement began last week when a series of important reports were released in the U.S

Samir Klishi 10:25 2025-05-06 UTC+2

Technical Analysis of Intraday Price Movement of GBP/AUD Cross Currency Pairs, Tuesday May 06, 2025.

On the 4-hour chart, the GBP/AUD cross currency pair appears to still be dominated by Sellers, which is confirmed by its price movement which is moving below the WMA (30

Arief Makmur 10:17 2025-05-06 UTC+2

Technical Analysis of Intraday Price Movement Crude Oil Commodity Instrument, Tuesday May 06, 2025.

With the price movement forming Higher Low - Lower Low and supported by the decreasing slope of WMA (30 Shift 2) and the movement of Crude Oil prices moving below

Arief Makmur 10:16 2025-05-06 UTC+2

Trading Signals for EUR/USD for May 5-8, 2025: sell below 1.1370 (200 EMA - 6/8 Murray)

Early in the American session, the EUR/USD pair is trading around 1.1345, reaching the top of the downtrend channel and showing signs of exhaustion. The euro could resume its bearish

Dimitrios Zappas 17:34 2025-05-05 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.