The USD/CAD pair trades back and forth in a narrow range near the crucial resistance of 1.3800 in the European session.
USD/CAD oscillates inside Wednesday’s range as investors await a speech from Fed Powell. Jerome Powell might emphasize keeping interest rates higher for a longer period. USD/CAD continues to move higher in a Rising Channel chart pattern. The Loonie asset struggles for a direction as investors await the speech from Federal Reserve Chair Jerome Powell.
The 50-day Exponential Moving Average at 1.3660 continues to provide support to the US Dollar bulls. Horizontal resistance is plotted from March 10 high at 1.3682. The Relative Strength Index struggles to shift into the bullish range of 60.00-80.00. If the RSI manages to do so, 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.
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