USD/CAD STRUCTURE ANALYSIS|DXY DEPENDENCY
The pair is trading in a downtrend, following the general dollar decline in the recent months.
However, each pair has its own limits and not all of them can strengthen towards the dollar indefinitely for a number of reasons.
Some will stop appreciating sooner than others.I do not want to say that USD/CAD is now suddenly in an uptrend, no. The message above was merely to show you that after a certain point it is possible for some currencies to stop appreciating even as the DXY keeps falling.
Anyway, the pair has recently had an uptick following the DXY, and if the resistance gets broken, the next target might be the blue resistance line.
The same dotted resistance can be spotted on the DXY now, so I guess whenever trading a dollar pair now, you are merely trading DXY albeit with different speed of moves and "cleanness" of trading.
Lets see if the Gods of the Dollar are be merciful, and the needed correction comes to fruition.
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