USD/CAD extends advance as geopolitical risks keep US Dollar supported
USD/CAD Price Forecast: Bulls retain control above 1.3800 as fresh breakout comes into play
USD/CAD extends rally to near 1.3830 amid uncertainty over Middle East conflicts
USD/CAD Price Forecast: Bulls take control after clearing 1.3700-1.3750 resistance zone
USD/CAD has gained momentum after clearing a key resistance barrier, extending its multi-week rally. The move has carried price into a well-defined resistance area that has previously acted as a pivot within the broader structure.
Mid-Week update for North-American Markets – After the 4th week of conflict, the trends are starting to dissipate and sentiment is rebounding. Taking a close look at NA index and currency performance combined with a USD/CAD intraday chart to spot what's next for American Markets.
Intraday bias in USD/CAD stays on the upside at this point. Rebound from 1.3480 is seen as correcting the whole down trend from 1.4791.
Indeed, in the following sessions, USD/CAD showed signs of strong selling pressure, with the most pronounced move occurring on 9 March, when the pair dropped below 1.3530.
USD/CAD holds near two-month highs as US Dollar stays firm despite softer PMI data
Over the past two weeks, the US dollar has gained ground against the Canadian dollar, pushing USD/CAD to trade near 1.374 as of this writing. It doesn't make sense on the surface.
USD/CAD Price Forecast: Jumps to almost a fresh two-month high near 1.3760
The US Dollar to Canadian Dollar (USD/CAD) exchange rate failed to hold above 1.37 last week and is currently trading near 1.3686 as resistance in the mid-1.37 area continues to cap gains. Scotiabank considers that rising energy prices are helping to limit Canadian dollar losses despite broader US dollar strength.