The USD/CAD pair falls sharply to the psychological support of 1.3500 in the European session on Thursday.
USD/CAD falls to 1.3500 due to multiple headwinds. The US Dollar corrects further on the weak US ISM Services PMI report. Higher Oil prices due to deepening supply concerns boosted the Canadian Dollar. The Loonie asset faces an intense sell-off as the US Dollar weakens and global Oil prices remain broadly strong. The US Dollar Index , which values the US Dollar against six major currencies, corrects to 104.
USD/CAD seems close to exploding the Ascending Triangle pattern formed on a daily time. The upward-sloping border of the aforementioned pattern is placed from December 27 low at 1.3177 while horizontal resistance is plotted from December 7 high at 1.3620. The chart pattern exhibits a sharp volatility contraction and a breakout can happen in any direction. The asset drops below the 20-day Exponential Moving Average near 1.3520, suggesting that the near-term appeal is weak.
Fed Employment Dollarindex Oil
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Finds support near 1.3500 as Oil price edge downThe USD/CAD pair discovers a temporary support near the psychological support of 1.3500 in the European session on Monday.
Read more »
USD/CAD Price Analysis: Moving lower within channelUSD/CAD is in a steady short-term uptrend, with the exchange rate rising within an ascending channel.
Read more »
USD/CAD Price Analysis: Approaches 1.3600 as US Dollar advances on solid US economic outlookThe USD/CAD pair rises to 1.3570 in Friday’s European session on a buoyant US Dollar.
Read more »
USD/CAD Price Analysis: Rises above 1.3550 ahead of Canadian CPI, Fed policyThe USD/CAD pair jumps to 1.3550 in Tuesday’s European session after breaking above the two-day consolidation formed in a range of 1.3510-1.3550.
Read more »
USD/CAD Price Analysis: Stabilizes above 1.3500 ahead of Canada Inflation, Fed policyThe USD/CAD pair seems comfortable above the psychological resistance of 1.3500 in the European session on Monday.
Read more »
USD/CAD Price Analysis: Reaches higher to near 1.3480 ahead of nine-day EMAUSD/CAD retraces its recent losses from the previous session, edging upwards to near 1.3480 during Thursday's European session.
Read more »