trendscalpingea

USDCAD's decline about to end?

FX:USDCAD   U.S. Dollar / Canadian Dollar
24 2 2
Yesterday's excelent PMI from Canada should create a huge selling pressure on USDCAD             , however the decline was bought back on a nasty bullish pinbar . Our short term to medium term bias changes from bearish to neutral. Looks like that the decline on USDCAD             is over and this pair enters ranging movement inside channel.
Nice analysis, do you think a single PMI data release can alter a trend? Perhaps the big drop and Pinbar was just the ususual over reaction and correction after which the trend is likely to continue?
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Recent decline on USDCAD was caused by weakening USD not stronger CAD. However with economy data from Canada improving cosiderably (58.2 vs 47.9 last time), this is starting to give convinction that the recovery of Canada's economy started to bring first results. I'm expecting correction UP on USDCAD and then continuation of trend down.
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