Our team has over 7,000,000 traders!
Every day we work together to improve trading. We get high results and move forward.
Recognition by millions of traders all over the world is the best appreciation of our work! You made your choice and we will do everything it takes to meet your expectations!
We are a great team together!
InstaSpot. Proud to work for you!
Actor, UFC 6 tournament champion and a true hero!
The man who made himself. The man that goes our way.
The secret behind Taktarov's success is constant movement towards the goal.
Reveal all the sides of your talent!
Discover, try, fail - but never stop!
InstaSpot. Your success story starts here!
USD/CAD found strong support and now it is moving sideways. At the time of writing, the pair was located at the 1.2521 level. The price action developed a range pattern, so only a valid breakout from this formation could bring great trading opportunities.
Today, the fundamentals could drive the rate, that's why you should keep an eye on the economic calendar. The Canadian Retail Sales could register a 1.2% rise in November versus 1.6% in October, while the Core Retail Sales may report a 1.1% increase. Furthermore, the US CB Leading Index could advance by 0.8%.
In the short term, USD/CAD could be trapped between 1.2453 and 1.2570. It retested 1.2453 and the lower median line (lml) of the ascending pitchfork confirming that these levels are strong downside obstacles.
Then, it jumped above the median line (ML) of the descending pitchfork. The next upside obstacle is represented by the 61.8% retracement level. In the short term, the currency pair could extend its sideways movement.
A valid breakout above 1.2570 could validate an upside continuation and could bring long opportunities.
Coming back below the descending pitchfork's median line (ML) and making a valid breakdown below 1.2453 could announce a further drop.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
