USD/CAD Analysis: Awaits Data Releases

My FX Forum

Staff member
Upside risks dominated the US Dollar against the Canadian Dollar on Thursday. The currency pair tested the swing high at 1.3072 as predicted by the analyst during the end of yesterday’s session.

Presently, the exchange rate is trading near the bottom border of a one-week ascending channel at 1.304 and could be set for a breakout.

If this breakout occurs, the next target for the currency pair will be at a support cluster formed by the combination of the weekly and the monthly PPs near the 1.30 mark.

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Moreover, the Canadian fundamental releases scheduled at 12:30 GMT could play a roll in the positioning of the pair today.