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Trading signals for #USDCAD → Range breakout. Realization of consolidation

2023-08-04 10:28 FOREX forecast

💡Ideas For USDCAD 🇺🇸/🇨🇦

📈 USDCAD → Range breakout. Realization of consolidation

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USDCAD has been forming a bearish price channel for a long time. For the last few days, the price has been forming a symmetrical triangle, which is forming an attempt to change trend

The price is moving out of the range on August 2. The impulse is formed on the background of strengthening of the dollar index and the price is testing 1.3370.

Today such news are published as:

1) NonFarm Payrolls (Expected to decline)

2) Unemployment Rate (expected to decrease).

Expectations of the news were not met earlier, the indicators are quite positive for the dollar index, which indicates a stronger economy even as fitch downgraded the US credit rating from AAA to AA+, but this does not say much in the current realities.

The USDCAD currency pair is consolidating in the range of 1.3370 - 1.3320, with another retest of resistance, the level may be broken, but if the price starts a correction, it may head towards the channel boundary.

Support levels: 1.3320

Resistance levels: 1.3370

I expect that on the background of strengthening of the dollar the price may break the resistance and form a movement to 1.3565, but there is a chance of correction formation

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#USDCAD 🇺🇸/🇨🇦

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