The USD/CAD has moved significantly today, has decreased in the early morning and has reached the 1.3303 Friday’s low, but the buyers have stepped in again and have driven the rate higher again. Has climbed as much as 1.3372 level, failing to touch the 1.3377 Friday’s high. Has increased a little as the USDX has managed to erase the morning losses and now is fighting hard to stay above the 100.30 level.
A further USDX increase will help the greenback to appreciate and to recover versus its rivals, but this scenario is less likely to happen right now because the index is still under pressure. The Loonie has posted humble gains in the afternoon, even if the Canadian Whole Sales rose by 3.3% in January, beating the 0.3% estimate, has increased sharply compared to the 0.3% growth in December 2016. The Canadian Wholesale Sales have reached the highest growth since May 2004, but the Loonie remains under selling pressure.
The rate could be driven by the fundamental factors tomorrow after the Canadian and the US data will be released, the Loonie could receive a helping hand from the Retail Sales figures.
The rate has increased, but has failed to reach the 1.3377 Friday’s high, but he could touch this level very soon if the USDX will climb much higher in coming days. Has managed to climb again above the first warning line (wl1) of the minor descending pitchfork, remains to see if this will be a valid breakout or we’ll have another false breakout.
Could resume the minor rebound if will have enough energy to close above the mentioned broken dynamic resistance, we’ll have a great buying opportunity if the rate will come down to test and retest the confluence area formed at the intersection between the warning line (wl1) and with the median line (ml) of the minor ascending pitchfork and with the third warning line (WL3) of the former ascending pitchfork.
Is somehow expected to increase on the short term after the false breakout below the median line (ml) and after the failure to close right on the median line (ml).