The USD/CAD pair consolidates in a tight range above the round-level support of 1.3700 in Thursday’s European session after correcting from its weekly high of 1.3760.
USD/CAD grinds between firm US Dollar and recovery in the Oil price. Oil recovers on sharp drawdown in US oil stockpiles. The Canadian Dollar will be guided by the Employment data for April. The Loonie asset struggles for direction as the firm US Dollar keeps the downside supported, while strength in the Canadian Dollar due to a sharp recovery in the Oil price restricts the upside. The US Dollar Index , which tracks the US Dollar’s value against six major currencies, rises to 105.60.
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 40.00-60.00 range, suggesting indecisiveness among investors. Fresh buying opportunity would emerge if the asset breaks above April 30 high at 1.3785. This would drive the asset towards April 17 high at 1.
Fed Employment Oil Supportresistance
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