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31.10.2023 06:00 PMThe USD/CAD pair is trading at 1.3876 at the time of writing. The USD appreciated versus its rivals as the Dollar Index edged higher. Still, an upside continuation needs confirmation. The bias remains bullish despite temporary retreats.
Fundamentally, the currency pair rallied as the CAD was punished by the Canadian GDP which reported only a 0.0% growth versus the 0.1% growth expected. On the other hand, the US CB Consumer Confidence came in at 102.6 points versus the 100.5 points estimated, while the Employment Cost Index rose by 1.1% beating the 1.0% growth estimates.
Technically, the USD/CAD pair failed to stay below the median line (ml) of the ascending pitchfork in the last attempt and now it challenges the upper median line (uml) again.
This represents a dynamic resistance. Also, 1.3880 represents a static upside obstacle.
A bullish closure above the upper median line (uml) and above 1.3880 activates further growth and is seen as a buying opportunity. The warning line (wl1) is seen as a potential upside target.
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