The USDCAD is trading in a range between 1.2800 and 1.2400 since it reached a five year new high. On Tuesday the pair rejected the resistance area forming a Pin Bar. According to Price Action, a breakdown of the candle could be an opportunity for a sell in the short term. Pay attention, however, to Wednesday US data release, especially to Non Farm Employment Change and to ISM Manufacturing PMI.
The AUDCAD is trading in a congestion that seems like a triangle pattern after January highs. Yesterday the pair formed what in Price Action is called a Pin Inside Bar, in other words a Pin Bar enclosed inside the previous candle. A breakout of the Pin might be a short term opportunity for a buy. However, there are important news for the Australian Dollar in the next hours. Pay attention especially to the Employment Change.
