The USD/CAD pair drops in an attempt to break decisively above the round-level resistance of 1.3700 in Thursday’s New York session.
USD/CAD declines from 1.3700 as the US Dollar slumps ahead of the US core PCE inflation reading. US Durable Goods Orders barely rose in May. The Canadian economy is estimated to have expanded by 0.3% in April. The Loonie asset edges lower as the US Dollar corrects with focus on the United States core Personal Consumption Expenditure price index data for May, which will be published on Friday.
A breakout of the above-mentioned chart formation results in a bullish reversal. The asset gathers strength to decisively break above the 200-hour Exponential Moving Average , which trades around 1.3700. The 14-period Relative Strength Index retreats inside the 40.00-60.00 range, suggesting a consolidation ahead. Fresh buying opportunity would emerge if the asset breaks above June 11 high near 1.3800. This would drive the asset towards April 17 high at 1.
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