Quotations of USD/CAD pair have been moving for 4 months in a bearish channel. There is currently an upward movement to the top edge of the mentioned channel. Yesterday, after several bearish sessions, the price started to rise again, even despite weak economic readings from the United States. Recently, there have been comments in the media about the fact that the recently agreed NAFTA replacement agreement may face problems in national parliaments. It’s mainly about moving the vote for next year in the US Congress. Just as the currency of Canada was the main winner of the agreement and quickly strengthened, the same any problems with congestion by Congress can weaken the Canadian dollar. On Friday we will get inflation readings from Canada. If the market is disappointed, it may mean prolonging the last weakness of the Canadian currency, and thus the price attack on the upper edge of the bearish channel.
