US Q1 GDP third reading came as expected (-0.2 % vs - 0.2 %) and USD is getting some love again. After the news has been published USDCAD managed to break the trend line and it is moving in a bullish zig zag. POC which stands at 1.2300 (L3, previous swing breakout, 50.0) marked the bullish breakout of the pair which started at 1.2280 (L4, 61.8). So the zone which has been identified as 1.2280-1.2300 should provide bounces towards 1.2370 and 1.2400. Only if the pair breaks 1.2250 it could return to neutral to bearish territory..
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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