Taking a look at the 1 hour timeframe, we have some clear bullish divergence with RSI and price-action. Whenever we get a setup like this, price-action does tend to bottom out and is likely to push higher.
The question now is "Will PCE come in better than expected?" As of right now, the economic calendar forecasts for weaker than previous figures. This may leave room for a surprise to the upside and thus in fact bottom out USDCAD at least on the 1 hour timeframe.
The question now is "Will PCE come in better than expected?" As of right now, the economic calendar forecasts for weaker than previous figures. This may leave room for a surprise to the upside and thus in fact bottom out USDCAD at least on the 1 hour timeframe.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.