USD/CAD is little changed in broad technical terms. The early bid for the USD has faded, however, and the USD looks soft intraday, with resistance at 1.3050 capping the market. The USD found good support on dips this week so far, but the usual struggle of holding a bid remains. There is little appetite to push too hard on the downside, but no real ability in the USD to recover.
We would still rather lean towards the idea that the USD is at the low end of its wide trading range. But we cannot ignore the risk that the underlying weakness in funds could still tip the USD more decisively below 1.30 (towards 1.27/1.29) and we note daily/weekly trend strength signals are bearishly aligned. The shorter-term studies are not yet supporting the bearish story however, and favour more range trading.
Price seems to be rejected at GANN level 135 degree (1.30497) and small corrective movement is expected on opening of trading week. This can be intraday small upward price corrective rally. The same behavior can be seem in the last few waves. Resistance level needed to monitor are GANN Level 112.5 degrees (1.31366) and GANN level 90 degrees (1.32310). Keep a close eye on price action as early alert of end of bullish corrective move.