The USD/CAD pair is expected to grow after confirming the Falling Wedge reversal pattern. A new higher high could activate further growth in the short term. The pair could be attracted by the upper median line of the descending pitchfork after failing to reach the median line.Ā The USD/CAD forecast sees the pair dropping a little today as the price wanted to retest the broken resistance. Forex traders should be aware that the price action developed a reversal pattern, so an upside movement is in cards. In the short term, the volatility is high after the Canadian and the US economic data. Personally, Iāll wait for the markets to calm down before taking action again. From the technical point of view, the USD/CAD pair signalled that the downside movement was over and that the bulls could take the lead again. Get FREE Forex Signals Now! 3 Free Forex Every Week ā Full Technical Analysis The Loonie is bullish right now, it has received a helping hand from the Canadian Retail Sales which has registeredĀ a 2.1% growth in August versus 2.0% expected, while the Core Retail Sales rose by 2.8% beating the 2.6% forecast and after a 0.4% drop in July.Ā On the other hand, the United States data have come in mixed. The Flash Services PMIĀ jumped higher than expected, from 54.9 to 58.2 points exceeding the 55.3 estimate. Unfortunately for the US Dollar, the Flash Manufacturing PMI dropped from 60.7 to 59.2 points, far below 60.5 points expected.Ā Also, you should be careful as the Fed Chair Powell Speaks brought huge volatility into the markets.Ā If you are looking for a good forex broker then read our review of the leading platforms. USD/CAD Forecast: Price Technical Analysis ā Bullish Reversal! Ā The USD/CAD pair has decreased to retest the Falling Wedgeās resistance. Escaping from this pattern signalled potential growth. Its false breakdown with great separation below the 1.23 psychological level and through the weekly S1 (1.2295) signalled that we may have a leg higher soon. 1.2422 former support (support turned into resistance) is seen as a potential upside target if the rate comes back higher. The priceās failure to approach and reach the descending pitchforkās median line signalled that we may have a rebound towards the upper median line. Technically, when the price fails to reach a median line, it will move in the opposite direction. 1.2308 – 1.2302 area stands as a major support area. A new higher high, a bullish closure above 1.2383 could activate a strong in the short term.Ā Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 Daily LookMajors share Read Next AUD/USD Weekly Forecast: Bears Emerging Despite Better Risk Appetite Saqib Iqbal 7 months The USD/CAD pair is expected to grow after confirming the Falling Wedge reversal pattern. A new higher high could activate further growth in the short term. The pair could be attracted by the upper median line of the descending pitchfork after failing to reach the median line.Ā The USD/CAD forecast sees the pair dropping a little today as the price wanted to retest the broken resistance. Forex traders should be aware that the price action developed a reversal pattern, so an upside movement is in cards. In the short term, the volatility is high after the Canadian and the US… 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.