The USD/CAD pair advances to the crucial resistance of 1.3750 in Wednesday’s European session.
USD/CAD rises to 1.3750, capitalized on the US Dollar’s recovery. Fed Kashkari sees progress in disinflation stalling due to the strong housing market. Investors await the Canadian Employment data for fresh guidance.
USD/CAD recovers strongly after discovering buying interest near the upward-sloping border of the Ascending Triangle formation on a daily timeframe, which is plotted from December 27 low at 1.3178. The horizontal resistance of the above-mentioned chart pattern is placed from November 1 high around 1.3900. The 20-day Exponential Moving Average near 1.3700 continues to provide support to the US Dollar bulls. The 14-period Relative Strength Index oscillates in the 40.00-60.
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