USD/CAD bulls eye a run towards 1.3700 as risk sentiment sours USDCAD Currencies DollarIndex Fed BOC
USD/CAD bulls drive toward the falling wedge target. rallied on Tuesday from a low of 1.3524 to a high of 1.3637 and is up over 0.7% on the day. The US Dollar is firmly bid as risk sentiment soured in Europe on returning banking worries and is sinking all ships with the high beta currencies, such as CAd, taking the brunt of it.
To note, the central bank left its benchmark rate on hold for a second straight meeting at a 15-year high of 4.50% and raised its growthAdverse risk sentiment and the subsequent rally in the Greenback on Tuesday have propelled the price toward the target without looking back. USD/CAD has broken old trendline resistance that would now be expected to act as a counter-trendline for the bulls to lean against should there be a meanwhile and significant correction.
With that being said, a firmer correction would leave the trendline support and then 1.3570, 1.3550 and the 38.2% Fibonacci at 1.3532 ahead of a 50% mean reversion near 1.3500 at risk:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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