The USD/CAD pair extends its sideways consolidative price move on Tuesday and remains confined in a familiar range held over the past week or so.
USD/CAD continues with its struggle to gain any meaningful traction amid mixed cues. The USD languishes near the YTD low amid dovish Fed expectations and cap the upside. A downtick in Crude Oil prices undermines the Loonie and acts as a tailwind for the pair. Spot prices, meanwhile, remain below the 1.3600 mark through the early European session amid a bearish US Dollar , though the downside seems cushioned ahead of the key central bank event risk.
That said, the range-bound price action around the very important 200-day Simple Moving Average constitutes the formation of a rectangle and marks a consolidation phase. Moreover, neutral oscillators on the daily chart warrant some caution before placing directional bets. Meanwhile, strength beyond the 1.3600 mark is likely to confront some resistance near the monthly peak, around the 1.3620-1.3625 region touched last week.
Fed Inflation Technical Analysis Currencies
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 Forecast: Hangs near weekly low, below 1.3500 ahead of US/Canadian jobs dataThe USD/CAD pair attracts sellers for the third straight day and remains depressed below the 1.3500 psychological mark, or the weekly low through the early European session on Friday.
Read more »
USD/CAD Price Forecast: Down leg unfolding within long-term rangeUSD/CAD is currently declining within a long-term range which has a ceiling in the 1.39s and a floor in the 1.31-1.32s.
Read more »
USD/CAD Price Forecast: Clings to gains above 1.3550 ahead of US inflation, Presidential debateThe USD/CAD pair holds into gains near 1.3550 in Tuesday’s North American session.
Read more »
USD/CAD Price Forecast: 1.3600 remains key resistance for US Dollar bullsThe USD/CAD pair trades in a tight range below the round-level resistance of 1.3600 in Friday’s North American session.
Read more »
USD/CAD Price Forecast: Holds ground above 1.3500, next barrier appears at nine-day EMAUSD/CAD moves sideways around 1.3510 during European hours on Thursday.
Read more »
USD/CAD Price Forecast: Pulling back within a downtrendUSD/CAD is pulling back whilst unfolding a down leg within a long-term range bound market.
Read more »