Hello Traders,
We can see that USD/CAD has been on a downtrend and tested a minor support at 1.3400. This can be a sign of possible reversal. Look for confirmation for the reversal trending past resistance at about 1.3460 and downward trend continuation pass 1.3400 signaling a minor pullback. However there are major catalyst this week with CAD as the BOC will announce an interest rate decision. Risk sentiment analysis is a big factor as well. If market is risk adverse then the USD will have bullish momentum and vice versa.
We can see that USD/CAD has been on a downtrend and tested a minor support at 1.3400. This can be a sign of possible reversal. Look for confirmation for the reversal trending past resistance at about 1.3460 and downward trend continuation pass 1.3400 signaling a minor pullback. However there are major catalyst this week with CAD as the BOC will announce an interest rate decision. Risk sentiment analysis is a big factor as well. If market is risk adverse then the USD will have bullish momentum and vice versa.