The USD/CAD pair jumps to near the round-level resistance of 1.3800 in Tuesday’s American session.
USD/CAD climbs to near 1.3800 as the US Dollar strengthens ahead of a volatile Wednesday. Investors will keenly focus on the Fed ’s dot plot for the interest rate outlook. BoC Macklem may provide cues over subsequent rate cuts. The Loonie asset strengthens as the US Dollar rises to the monthly high. The US Dollar Index , which tracks the Greenback’s value against six major currencies, jumps to 105.
BoC Macklem will provide more cues about whether the central bank will announce subsequent rate cuts. USD/CAD strengthens after a breakout of the Descending Triangle chart pattern formed on a daily timeframe. The upward-sloping 20-day Exponential Moving Average near 1.3700 suggests that the near-term trend is bullish. The 14-period Relative Strength Index jumps above 60.00. A sustainable move above the same will push momentum towards the upside.
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