The USDCAD traded in a relatively narrow trading range this week with the price reaching the week’s high on Tuesday. That move took the price above the 200-hour moving average of 50% retracement of the July trading range. However, momentum faded quickly and the price then rotated lower over the next 2 days to the
The miss in the US CPI report last week has led to a broad US Dollar weakness as the market anticipated one last hike at the July FOMC meeting. The falling inflation with a resilient labour market have also strengthened the soft-landing narrative and caused a positive risk sentiment in the markets. This week though
The USDCAD spike higher, and in the process moved up to retest it at 200-hour moving average at 1.31917. Sellers leaned against that upper moving average level (green line in the chart below), and corrected the price modestly to the downside. If the buyers are to remain in control, getting back above both the 100
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