The USDCAD pair continues to mostly range as traders await the April 2nd deadline. The Loonie’s faith remains tied to the US tariffs plan that is going to be unveiled on Wednesday. The Canadian Dollar could really see a massive appreciation in case we get good news. It’s a game of patience now. Not having a position is having a position.
On the 1 hour chart below, we can
see that the price recently bounced from the bottom of the range and continued upwards with the buyers increasing their bets on the break of the downward trendline. The bullish momentum is now defined by the upward trendline where the buyers will likely lean onto to keep pushing into the 1.4380 resistance.
The sellers, on the other hand, will want to see the price breaking lower to position for a drop back into the support or wait for the price to come into the resistance to have an even better risk to reward setup.
USDCAD 1 hour
Today we have the Canadian GDP and the US
PCE report. The data could bring some very short term volatility but the focus is on the April 2nd event. All the rest is just noise.
