USD/CAD Analysis (September 2)

If a material base might be in place for a possible long term reversal, we haven’t seen yet a real confirmation of the bullish bounce started in July.
The pair continues to retrace its previous rally and is now poised to test the 50% fib level and key support at 0,97. It is worth noting though that the market seems to carve out a material base since the beginning of the week which could allow a bullish development which the NFP release. But it is yet to be confirmed.
In any case, we need to see a break above parity to confirm a long term bullish outlook.