Nothing last forever, even the depreciation of the American Dollar. For the last two days USD is finally correcting recent weakness, which actually creates a great opportunity for the trend followers. They can enter the market with better prices.
GBP/USD drops sharply even despite the fact that we got better Retail Sales data. We are approaching a good looking support on the 38,2% Fibonacci, where there is also an up trendline and the correction equality pattern.
EUR/USD is obviously waiting for the ECB and that will be the game changer here but from the technical point of view we are approaching a strong support made from the trendline, correction equality pattern and the highs from the 12th of July. If there was no ECB today, we would have a strong buy signal here.
On the USD/CAD finally the demand showed up. The price tries to break the upper line of the channel down formation. The long-term sentiment is still very negative but the chances for the 100 pips correction increased significantly.