The USD/CAD pair is stuck in a tight range near 1.3650 in Friday’s European session.
USD/CAD trades sideways ahead of the US core PCE Inflation that will influence Fed rate cut expectations. The US Dollar remains on backfoot as weak US Q1 GDP raise concerns over the economic outlook. Investors see the BoC pivoting to interest rate cuts from June. The Loonie asset struggles for a direction as the US Dollar consolidates ahead of the United States core Personal Consumption Expenditure Price Index data for March, which will be published at 12:30 GMT.
USD/CAD corrects to near the breakout region of the Ascending Triangle chart pattern formed on a daily timeframe. The retest of the breakout region is keenly tracked by investors to build fresh longs as it is considered a discounted price. The 50-day Exponential Moving Average near 1.3620 will provide support to the US Dollar bulls. The 14-period Relative Strength Index falls into the 40.00-60.00. The RSI is expected to rebound from 40.00 as the upside bias remains intact.
BOC Fed Inflation Supportresistance
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