Home Analysis USD/CAD is set for minor correction

USD/CAD is set for minor correction

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USDCAD is set for minor correction - forexspacex.com

The short-term price action for USD/CAD has formed a wedge bear Candlestick pattern on the hourly chart which is bearish in nature. It looks like the market participants have increased their bearish bets after retreating from the dollar index. It is down by some 0.20% at the time of reporting and testing the support level at a 21-day exponential moving average price. One can expect the USD/CAD to trade in a narrow range ahead of the consumer price index data, scheduled to be reported later this week. Therefore, it is advisable to avoid trading pullbacks for the time being.

Ref: Trading View

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