The USD/CAD pair is located at 1.3470 at the time of writing. It is moving somehow sideways in the short term, so we'll have to wait for fresh opportunities. The price slipped lower in the short term as the Dollar Index retreated after reaching 106.09 today's high. Still, the currency pair could jump higher if the Dollar Index extends its growth.
Fundamentally, the US and Canada reported mixed data. Tomorrow, the US is to release the CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, HPI, and S&P/CS Composite-20 HPI. Positive US data could send the currency pair higher.
USD/CAD Sideways Movement!
The USD/CAD pair is retesting the weekly pivot point of 1.3460 after finding resistance at 1.3491. As long as it stays above the uptrend line, the price could try to develop a new leg higher.
As you can see on the H1 chart, the rate retested the broken downtrend line, confirming the breakdown.
USD/CAD Outlook!
Staying above the uptrend line and making a new higher high, a bullish closure above 1.3491 activates a larger growth. This is seen as a buying opportunity.
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