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The USD/CAD pair dropped like a rock in the short term and now is trading at 1.3586. After its massive drop, the rate could turn to the upside soon after reaching the near-term downside obstacles.
As you already know, the USD resumed its depreciation after mixed US data reported yesterday. Today, the US Pending Home Sales indicator is expected to report a 2.9% drop in February, versus the 8.1% growth in January. Tomorrow, the US data should bring sharp movements in USD/CAD. The Final GDP may report a 2.7% growth again, while Unemployment Claims could increase from 191K to 196K.
Technically, the currency pair dropped within a down channel pattern and now is almost to reach the lower median line (lml) and the 1.3555 historical level. These represent strong support levels.
The channel's downside line and the weekly S2 (1.3550) represent downside obstacles as well.
False breakdowns below 1.3555 and through the lower median line (lml) of the descending pitchfork may announce that the sell-off is over and that the buyers could take it higher again. This is seen as a buying opportunity as the rate could come back higher towards the median line (ml).
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