For the moment, against the background of Donald Trump's words on external economic policy, the Canadian dollar is losing ground against a basket of major currencies. Also, the recent statements by the Head of the White House about withdrawing from NAFTA greatly weakened the exchange rate of the Canadian currency.
Our pair was able to overcome a strong level of 1.0070 but failed to overcome the mark of 1.01, and returned to the current level.
Given that our pair managed to overcome more than 70 pips yesterday, we can expect a continuation of the uptrend. However, considering the 4-hour chart we see the slowdown of our trend and a possible correction. Our pair could soon render the figure of "head and shoulders." Since current values are at the level of June 2017, the prices and the ability to go into a correction is large enough.
In the case of such a scenario, we expect the prices to move near the levels of 1.00 and 0.9920.
