The flag pattern could announce a new upwards movement. The US should have a big impact later today. Only a new lower low activates more declines. The USD/CAD price dropped in the short term and is trading at 1.3697 at the time of writing. The downside pressure remains high as the US dollar tumbles in the short term. –Are you interested in learning more about making money with forex? Check our detailed guide- Fundamentally, the economic data and high-impact events moved the rate during the week. The US CPI rose by 0.4%, as expected. Core CPI increased by 0.5%, beating the 0.4% estimated, while PPI, Core PPI, Retail Sales, and Core Retail Sales came in worse than expected. Yesterday, the US Unemployment Claims, Housing Starts, and Building Permits reported positive data, while the ECB increased the Main Refinancing Rate by 50 bps as forecasted. Today, the US data could be decisive in the short term. The Prelim UoM Consumer Sentiment may drop from 67.0 to 66.9 points. Industrial Production could report a 0.2% growth after the 0.0% growth in the previous reporting period, while the Capacity Utilization Rate is expected at 78.5% in February versus 78.3% in January. In addition, the US Prelim UoM Inflation Expectations and the Canadian IPPI, RMPI, and Foreign Exchange Purchases data will also be released. Get FREE Forex Signals Now! USD/CAD Price Technical Analysis: Bullish Pattern The USD/CAD pair found resistance above the median line (ML) of the ascending pitchfork, and then it turned to the downside. As you can see on the H1 chart, the rate dropped within a down-channel pattern. The weekly S1 of 1.3651 and the former low of 1.3651 represent downside obstacles. The sell-off could be over around these levels. –Are you interested in learning more about MT5 brokers? Check our detailed guide- Technically, the down-channel pattern could represent a bullish pattern. A valid breakout through the downtrend line activates an upwards movement. Still, in the short term, the currency pair could move sideways, trying to accumulate more bullish energy before turning to the upside. Only a new lower low and a valid breakdown below 1.3651 activates more declines. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next GBP/USD Weekly Forecast: Deep Banking Crisis to Halt Gains Saqib Iqbal 6 days The flag pattern could announce a new upwards movement. The US should have a big impact later today. Only a new lower low activates more declines. The USD/CAD price dropped in the short term and is trading at 1.3697 at the time of writing. The downside pressure remains high as the US dollar tumbles in the short term. -Are you interested in learning more about making money with forex? Check our detailed guide- Fundamentally, the economic data and high-impact events moved the rate during the week. The US CPI rose by 0.4%, as expected. Core CPI increased by 0.5%, beating… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.