USD/CAD Price Analysis: Bears are in the market, but bulls flexing USDCAD Technical Analysis
Support is playing its role and there is a focus on the Fibo scale.
The Canadian Dollar strengthened on the back of data showing the domestic economy grew stronger than expected in the first quarter.Meanwhile, Canada's economy expanded at an annualized rate of 3.1% in the first quarter, eclipsing forecasts for an increase of 2.5%, and likely accelerated further in April.The price is sinking below prior support and is now heading toward the next area of support as illustrated on the charts. A pullback could be on the verge of a correction.
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