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11.08.2021: Forex Analysis & Reviews: USD/CAD Larger Correction Possible!
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Forex forecast 11/02/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SP500 and Bitcoin
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Forex forecast 10/02/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SP500 and Bitcoin
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Forex forecast 09/02/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SP500 and Bitcoin
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Forex forecast 06/02/2026:EUR/USD, USD/JPY, GBP/USD, Gold and Bitcoin
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Forex forecast 04/02/2026: EUR/USD, USD/JPY, GBP/USD, Gold, Oil, SP500 and Bitcoin
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Forex forecast 02/02/2026: EUR/USD, USD/JPY, GBP/USD, Gold, Silver, SP500 and Bitcoin
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Forex forecast 28/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SPX, USDX and Bitcoin
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Forex forecast 26/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, USDX and Bitcoin
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Forex forecast 23/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SPX and Bitcoin
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Forex forecast 22/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, SP500, Oil and Bitcoin
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Forex forecast 21/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, Oil and Bitcoin
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Forex forecast 20/01/2026: EUR/USD, USD/JPY, GBP/USD, Gold, USDX and Bitcoin
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Forex forecast 19/01/2026: EUR/USD, USD/JPY, GBP/USD, SP500, Gold, Oil and Bitcoin
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USD/CAD dropped in the short term as the US dollar Index has plunged after the US inflation data. Technically, the pair has shown some overbought signs after printing a temporary rebound.

The US CPI has come in line with expectations, while the Core CPI has increased less than expected. Tomorrow, the PPI, Core PPI, and the Unemployment Claims bring us a clear direction. Worse than expected data could send the pair down, while positive figures could save the greenback from the downside.

USD/CAD More Downside In View!

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USD/CAD has dropped below the weekly pivot point (1.2529) level and now it stands around the 38.2% retracement level. The weekly S1 (1.2476) is seen as a critical support level, dropping below it could activate further downside movement.

USD/CAD is still somehow expected to drop after escaping from the up channel's body. It has increased a little but its failure to stay near the uptrend line signaled strong sellers.

Forecast!

Closing below the 1.2474 level may signal a potential drop towards the 1.24 psychological level or even lower.

*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2026
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