FX:USDCAD U.S. Dollar/Canadian Dollar
Yesterday's excelent PMI from Canada should create a huge selling pressure on USDCAD , however the decline was bought back on a nasty pinbar. Our short term to medium term bias changes from to neutral. Looks like that the decline on USDCAD is over and this pair enters ranging movement inside channel.
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.