USD/CAD - Canadian Retail Sales In Spotlights!| KOL Analysis•Olimpiu Tuns

USD/CAD is trading in the red today and resumes yesterdays drop. The USD has lost significant ground again as the US Dollar Index has slipped below the 96.00 psychological level. The currency pair is located near critical support levels, a valid breakdown will invalidate a potential reversal.

The price is traded at 1.3511 level and is located right on the major downtrend line, maybe the traders are waiting for the Canadian retail sales data before taking action again. You should be careful because the economic figures will bring high volatility on this pair, so anything could happen even if USD/CAD is trading near major support.

The Canadian Retail Sales indicator is expected to increase by 20.2% in May, after the 26.4% decline in April, while the Core Retails Sales could increase by 11.9%, versus the 22.0% drop in the former reading period.

Unfortunately, the greenback drops further even if the latest US economic figures have come in better than expected, USD/CAD could still rebound if the Canadian data will disappoint later today.

● USD/CAD In Critical Area!

USD/CAD has jumped above the major downtrend line, but it has failed to resume the short term rebound and now it has come back down again. Ive said in the last analysis that USD/CAD will develop a strong upside movement if the price will make a valid breakout above the 1.3666 static resistance, but the rate has failed to reach this obstacle.

Still, USD/CAD could rebound as long as it stays above the lower median line (LML) of the major ascending pitchfork and above the downtrend line. A false breakdown with great separation below the lower median line (LML) will suggest buying.

The pair is trapped between the lower median line (LML) and the sliding line (SL) of the ascending pitchfork, so, any reversal pattern around the lower median line (LML) could signal that the pair will increase towards the sliding line (SL).

The current drop could represent only a retest of the broken downtrend line, poor Canadian data could send the pair higher in the short term. USD/CAD is under some pressure as long as it is traded below the 1.3666 level and below the 61.8% level, so a valid breakdown below the lower median line (LML) will signal a further drop towards the 1.3356 static support.

● USD/CAD Bears In Full Control On The H4 Chart!

USD/CAD is bearish on the short term after the failure to stay above the upper median line (uml) of the minor red descending pitchfork. The failure to reach at least the 61.8% level in the last attempt has signaled a potential drop in the short term.

So, the near-term major support is seen at the lower median line (LML) of the major ascending pitchfork, a valid breakdown through this dynamic support will validate a further drop. On the other hand, a reversal pattern here, a pin bar, bullish engulfing, after the Canadian data could announce a bullish momentum.

A great buying opportunity will appear if USD/CAD will make another higher high, to jump and stabilize above the 1.3646 former high, and above the 1.3666 static resistance.

[About The Author]

Olimpiu Tuns is a seasoned market analyst / trader / trainer on the financial markets with expertise in forex, cryptocurrencies, commodities, futures, options, index, CFD for more than 8 years. He is also a famous blogger in both technical and fundamental analysis, trading signals, trade setups, etc.

He has worked as a Market Analyst / Consultant for three major Brokerage companies, Admiral Markets, MultiBank Exchange Group and InstaForex (live webinars, market analysis, educational materials, video analysis, video tutorials, ghostwriting, content creator), as a Social Media Manager and as a Financial Markets & Crypto Analyst / Contributor for very important news portals/blogs (investing.com, benzinga.com, forexalchemy.com actionforex.com, countingpips.com), websites, educational platforms (Forex.Academy, Forex.Today), independent clients, etc.

Olimpiu Tuns currently works as a Financial Markets & Crypto Analyst / Signal Provider / Trader / Trainer.

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