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USDCAD
You can see a growing weakening of the US dollar, fueled by macroeconomic data. The review of data for the current week indicates a whole week of lack of optimism. Currently, the pair chart shows a downward signal, which may end in a stronger move. Breaking the support confirms it, but unfortunately we are ahead of rolling forward contracts. This situation means that the so-called “Santa Claus rally” can radically change the situation on the chart.
EURUSD
The situation is completely different from USDCAD, but very similar from the perspective of the upcoming contract rollover. We can witness a large movement that will follow the exit of the triangle pattern that was formed on the chart. Depending on the direction of the breakout, we may observe a large upward correction or a further very large decline in the currency pair. Taking into account the forecasts of a weaker dollar, I expect the formation to break up, but any possible decision will be made only after exiting the formation.
