The USD/CAD pair trades in a tight range below the round-level resistance of 1.3600 in Friday’s North American session.
USD/CAD stays sideways below 1.3600 with the Fed policy taking center stage. Traders remain divided over Fed potential rate cut size. Firm speculation for BoC aggressive policy-easing cycle weighs on the Canadian Dollar. The Loonie asset struggles for direction with investors focusing on the Fed eral Reserve’s monetary policy meeting, which is scheduled for Wednesday.
USD/CAD delivers a mean reversion to near the 200-day Exponential Moving Average , which trades around 1.3620. The near-term outlook of the pair appears to be bearish as the 14-day Relative Strength Index has shifted into the bearish range of 20.00-60.00 from 40.00-80.00. The horizontal resistance plotted from May 15 low of 1.3590 continues to act as a major barricade for the US Dollar bulls. An upside recovery above August 21 high of 1.3626 would drive the asset towards 19 August high of 1.
Fed BOC Dollarindex Supportresistance
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