USD/CAD Price Analysis: Extends recovery to 1.3640

USD/CAD bounces back to 1.3640 amid a firm recovery in the US Dollar. Fed officials endorse a restrictive policy stance for longer due to weak conviction over inflation returning to 2%. Investors await the Canada CPI data to project the next move in the Canadian Dollar. The Loonie asset capitalizes on strong recovery in the US Dollar that is driven by hawkish guidance on interest rates by Fed eral Reserve officials. The US Dollar Index bounces back to 104.75 from a five-week low of 104.

3846 is acting as a major carrier for the US Dollar bulls. The near-term outlook is uncertain as the asset is trading below the 20-day Exponential Moving Average , which trades around 1.3667. The 14-period Relative Strength Index remains inside the 40.00-60.00 range, suggesting a sharp volatility contraction. 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 BOC 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: Extends losing spell for fourth trading sessionThe USD/CAD pair continues its losing streak for the fourth trading session on Monday.
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/CAD Price Analysis: Remains subdued near 1.3700 as US Dollar slipsThe USD/CAD pair remains feeble near the round-level support of 1.3700 in Tuesday’s European session.
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/CAD Price Analysis: Consolidates around 1.3650 ahead of Fed’s preferred inflation gaugeThe USD/CAD pair is stuck in a tight range near 1.3650 in Friday’s European session.
Source: FXStreetNews - 🏆 14. / 72 Read more »

USD/CAD Price Analysis: Hovers near 1.3700 within the ascending channelUSD/CAD consolidates within the ascending channel on the daily chart, with the 14-day Relative Strength Index (RSI) positioned above 50, indicating a recovery of bullish sentiment.
Source: FXStreetNews - 🏆 14. / 72 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.
Source: FXStreetNews - 🏆 14. / 72 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.
Source: FXStreetNews - 🏆 14. / 72 Read more »