USDCAD: Rebound is coming?

From a technical point of view, the trend on the USDCAD pair is bearish, but at the same time the technical structure should need a pullback which should take the form of a corrective structure. With this in mind, we expect an accumulation phase that should push the pair around 1.3284 and 1.3420.
What's you opinion? ...are you bullish or bearish on this pair?


Trade with care.
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🔴 1H Chart Analysis:

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🔴 Bullish Target still valid.

Trade closed: target reached:

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🔴 Intraday Analysis (1H Chart):

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🔴 The Canadian dollar weakened past 1.33 per USD, retreating from the five-month high of 1.32 touched on December 26th amid a rebound for the greenback, sluggish domestic data, and muted foreign currency inflows. Canada’s manufacturing PMI contracted at the sharpest pace since the pandemic crash in the second quarter of 2020, limiting the room for the central bank to fight inflation with restrictive policy. Meanwhile, concerns of lower global oil demand eased the inflows of foreign exchange, stripping support for the Canadian currency. Investors now await labor market data on Friday for further guidance on future monetary policy decisions.

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📊 Traders who followed only Double Bottom Pattern reached Target:

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🔴 Impulsive Structure in play on intraday chart:

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🔴 Target 2 still in play.

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🔴 The Canadian dollar weakened against the greenback on Tuesday, and the yield on benchmark government debt slipped. Canadian government 10-year bond yields fell 0.9 basis points to 3.237%. The yield on similar U.S. government benchmark debt rose to 4.0266%. The value of building permits in Canada fell -3.9% in November, Statistics Canada said.

Trade closed: target reached:

✅ Target 2 hit