USD/CAD Consolidates at The Lows

USD/CAD has been trading around its low points currently consolidating between 1.25 and 1.24. The pair has been in a long term downtrend and it's only recently beginning to shows signs of recovery. With the USD depreciating it could take some more time for the pair to start a healthy uptrend.

We could see a rise in the US dollar which would reflect all USD pairs as we have been in a downtrend for the most part of the last year. If we can find bottom in current USD/CAD pair, bulls have a lot of room to the upside. First bull target is seen at 1.26.

The Euro rally appears to have exhausted now and a few prominent market experts are calling out that current market level in the EUR/USD is the top and we would witness a US dollar appreciation this year.

Chart: USD/CAD H4