USD/CAD Price Analysis: Range restricts to 40-pips as investors await US/Canada Employment data USDCAD Fed Employment NFP DollarIndex
the critical resistance of 102.00. The Loonie asset is expected to deliver a power-pack action as investors are awaiting the release of the United States/Canada Employment data.
USD/CAD is auctioning in an Inverted Flag chart pattern on an hourly scale. An Inverted Flag is a trend-following pattern that displays a long consolidation that is followed by a breakdown. Usually, the consolidation phase of the chart pattern serves as an inventory adjustment in which those participants initiate shorts, which prefer to enter an auction after the establishment of a bearish bias and current sellers add more positions.
Meanwhile, the upside in the Relative Strength Index is capped around 60.00. A slippage into the bearish range of 20.00-40.00 will activate the downside momentum.
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