USD/CAD marches toward 1.3600 amid renewed US Dollar’s strength. The US economy exhibits a firm footing on the grounds of labor market and consumer spending. Expectations for BoC lowering interest rates sooner escalate due to easing price pressures. The Loonie asset is expected to continue its upside move as the appeal for safe-haven assets remains upbeat. The US Dollar Index rose to a fresh two-week high at 104.20 on upbeat Existing Home Sales data for February, released on Thursday.
The upward-sloping border of the aforementioned pattern is placed from December 27 low at 1.3177. The chart pattern exhibits a sharp volatility contraction. The near-term appeal is bullish as the 20-day Exponential Moving Average near 1.3520 continues to provide support to the US Dollar bulls. The 14-period Relative Strength Index oscillates inside the 40.00-60.00 range, indicating indecisiveness among investors.
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