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USD/CAD ignores better than expected Canadian CPI

USD/CAD is trading in the green at the moment, at 1.2622 above 1.2598 today's low. The pair has decreased a little in the short term after the most recent amazing rally. The bias is bullish as USD/CAD jumped above strong resistance levels.

Besides, the Dollar Index increased after today's decline. Further growth may force the greenback to strengthen versus its rivals. Technically, USD/CAD failed to confirm a larger corrective phase, so an upward movement is favored.

The Canadian CPI increased by 0.6% versus 0.3% expected and compared to 0.3% growth in the previous reporting period. Also, the Core CPI increased by 0.6% in July versus 0.3% growth in June. On the other hand, the US Building Permits came in better than expected, while the Housing Starts indicator was worse than expected.

The pair has changed little after these releases, as traders are waiting for the FOMC Meeting Minutes report. This publication is seen as a high-impact event, so the volatility will be huge later today.

USD/CAD in buyers' territory

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USD/CAD rallied at the moment of writing. It has failed to retest the static support of 1.2590, the former resistance. The pair turned bullish after failing to stabilize under the psychological level of 1.2500.

Failing to drop below 1.2474 low, USD/CAD invalidated a potential correction. Breaking above 1.2590 and making a new higher high signaled a potential upside continuation. USD/CAD has ignored the third warning line (WL3) of the former Descending Pitchfork that indicated strong buyers.

Trading Conclusion

USD/CAD could extend its upside journey if it jumps and closes above 1.2648 yesterday's high. The near-term strong upside obstacle is seen at the former uptrend line. It could come back to test and retest it.

The upside scenario could be invalidated if the price drops and stabilizes under the third warning line (WL3).

The material has been provided by InstaForex Company - www.instaforex.com