What a turnaround in USD/CAD in last couple of days, as the pair is up around 400 pips from major support level at 1.2470. In last few weeks US Dollar remain under pressure against CAD, as oil was going higher. However recent economic data from Canada hinted a slowdown in overall economic growth plus trade deficit was well below expectation and that may have caused the bullish move.

The strong impulsive bullish move could well be the start of bullish trend, as such my view on USDCAD changed from bearish to bullish and as such I would be looking for reasonable retracement along with lower time frame price action to buy this pair.

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