The USD/CAD pair extends its upside to 1.3730 in Thursday’s London session.
USD/CAD rises to 1.3730 amid firm speculation that the BoC will start lowering interest rates from June. The US Dollar declines despite uncertainty ahead of the US core PCE Inflation data. USD/CAD holds the Descending Triangle breakout. The Loonie asset strengthens as investors expect that Bank of Canada will start reducing interest rates from the June meeting.
USD/CAD strengthens after a breakout of the Descending Triangle chart formation on a daily timeframe. A breakout of the above-mentioned chart pattern results in heavy volume and wider ticks on the upside. Upward-sloping 20-and 50-day Exponential Moving Average , which trade around 1.3675 and 1.3650, respectively, suggest that the near-term trend is bullish. The 14-period Relative Strength Index oscillates in the 40.00-60.00 range, indicating indecisiveness among market participants.
BOC Fed Inflation Supportresistance
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Remains inside the woods in a thin trading-volume sessionThe USD/CAD pair trades in a narrow range near Friday’s low around 1.3650 in Monday’s European session.
Read more »
USD/CAD Price Analysis: Extends recovery to 1.3640The USD/CAD pair rises further to 1.3640 in Friday’s European session.
Read more »
USD/CAD Price Analysis: Stuck in tight range below 1.3700The USD/CAD pair stays on sidelines below the round-level resistance of 1.3700 in Tuesday’s European session.
Read more »
USD/CAD Price Analysis: Stays on sidelines above 1.3700The 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.
Read more »
USD/CAD Price Analysis: Extends upside to 1.3750 as US Dollar recoversThe USD/CAD pair advances to the crucial resistance of 1.3750 in Wednesday’s European session.
Read more »
USD/CAD Price Analysis: Holds position above 1.3750 amid resurging bullish sentimentUSD/CAD trades around 1.3780 during the early European hours on Wednesday, hovering within an ascending channel on the daily chart.
Read more »