2 days Ago By HeadTopics.com
USD/CAD continues with its struggle to gain any meaningful traction amid mixed cues. The USD languishes near the YTD low amid dovish 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. We have summarized this news so that you can read it quickly.
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