The USD/CAD pair recovered vertically to near 1.3750 as investors cleansed positions from risk-perceived assets and rushed back to the risk-aversion theme.
USD/CAD has extended recovery to near 1.3750 as the risk-on impulse faded. The USD Index recovered despite high chances for the Fed to keep interest rates unchanged until the end of 2023. USD/CAD recovered strongly after discovering buying interest near the 50% Fibo retracement at 1.3640. The Loonie asset delivered a sharp recovery as the US Dollar Index rebounded to near 105.60. S&P500 futures have reported some losses in the London session, portraying a dismal market mood.
The Relative Strength Index is testing waters in the bullish range of 60.00-80.00. If the RSI manages to sustain, a bullish momentum would get triggered. Going forward, a decisive break above October 27 high at 1.3880 would expose the round-level resistance at 1.3900, followed by 13 October 2022 high at 1.3978. In an alternate scenario, a breakdown below October 24 low around 1.3660 would drag the asset to the round-level support of 1.3600.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD looks to continue the losing streak, hovers near 1.3650USD/CAD aims to lose ground on the fourth consecutive day to continue the losing streak, treading waters near 1.
Read more »
USD/CAD declines toward 1.3600 as soft US labor demand ramps up steady Fed betsThe USD/CAD pair has dropped to near 1.330 and is expected to extend its downside near the round-level support of 1.3600.
Read more »
USD/CAD: A return to the 1.35 area looks a reasonable targetCAD stages bull reversal on weak USD. Economists at Scotiabank analyze USD/CAD outlook.
Read more »
USD/CAD climbs further beyond 1.3700 amid bearish Oil prices, modest USD strengthThe USD/CAD pair attracts some buying for the second straight day on Tuesday and builds on the overnight goodish rebound from the 1.3630-1.3625 region, or a near three-week low.
Read more »
EUR/USD Price Analysis: Aims to break below the major level at 1.0700EUR/USD losses ground for the second successive day, trading lower near 1.0710 aligned with the psychological support level at 1.0700 during the Asian session on Tuesday.
Read more »
EUR/JPY Price Analysis: Next target now emerges at 170.00EUR/JPY prints new yearly highs in levels just shy of 161.00 the figure at the beginning of the week.
Read more »