USD/CAD consolidated last week, during a week of key US and Canadian data. As we open up this week, we are seeing some evidence of a bullish continuation attempt. Let’s take a look at the charts.
The USD/CAD failed to push into new highs after the FOMC statement. However after poor inflation data out of Canada on Friday, the loonie fell, and the USD/CAD was supported. At the start of this week, USD/CAD again found support and is in a bullish continuation attempt. It looks to have upside pressure towards 1.1673, with risk of breaking even higher, as long as it holds above 1.16. A break below 1.1560 however opens up the 1.15 pivot, then the 1.14-1.1420 support/resistance area.
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