USDCAD currency pair recently reversed from the resistance zone between the key resistance level 1.3725 (which stopped wave A), upper daily Bollinger Band and the 50% Fibonacci correction of the downward impulse from January.
The trading week begins and, for now, the Canadian dollar appears to be regaining ground in a consistent manner. Recent USDCAD price movements show a depreciation of the pair of around 0.4%, which is beginning to signal a new short-term bearish bias.
USD/CAD drifts lower as Canada CPI shows mixed inflation signals ahead of BoC decision
USD/CAD reclaims 1.3700 amid weak Canadian employment data and firm USD demand
USD/CAD rallied as broader risk-off flows outweighed oil strength, keeping the pair in its familiar 1.35 to 1.3750 consolidation range.
The US Dollar to Canadian Dollar exchange rate traded near 1.3667 on Friday, with the pair holding near recent highs despite a broader consolidation in recent sessions. Scotiabank says the Canadian dollar has been relatively steady, with USD/CAD recently trading in a tight range centred between 1.3550 and 1.3600.
Over the last two trading sessions, USD/CAD has posted a consistent gain of more than 0.3% in the short term, marking a renewed bullish bias in the market.
USD/CAD rises as US Dollar gains on geopolitical tensions and Fed repricing
Mid-Week update for North-American Markets – Wartime continues and NA Markets remain impressively resilient. 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.
USD/CAD Price Analysis: US Dollar Rebounds as IEA Oil release weighs on CAD
USD/CAD has recently broken below 1.3600 despite the dollar index rising significantly in recent days. Why is the Canadian dollar resilient?
The US dollar is strengthening in general as the Americans are coming on board. That being said, risk appetite will continue to be an important thing to watch closely.