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The dollar did not let us down and is strongly appreciating against the main currencies. The Canadian paired with the US dollar is just on the border of the descending wedge determined from the D1 interval. In connection with the data for the US dollar, a correction can be expected. GDP growth in the US is forecast very poorly, ie if the US GDP reading is better than forecast, it is currently priced in. The dollar’s appreciation did not come out of thin air, so the rise in prices may be a harbinger of the data. However, if, contrary to expectations, GDP in the US was lower than forecast, we will surely notice a strong correction of all pairs with the dollar and a collapse of the current increases / decreases.
The second picture shows a marked place worth waiting for. Breaking this level may give us an open path for further appreciation of the USD.
