The USD/CAD pair refreshes a six-month high at 1.3785 and is expected to extend its rally towards the round-level resistance of 1.3800 in the European
USD/CAD marches towards 1.3800 as the correction in the US Dollar concludes. The oil price extends downside amid a volatile macroeconomic outlook. The US Dollar and the Canadian Dollar are likely to dance to the tune of respective official labor market data. session. The Loonie asset capitalizes on a recovery in the US Dollar and more downside in the oil price.
The neckline of the aforementioned chart pattern was plotted from April 28 high at 1.3668. The 50-day Exponential Moving Average at 1.3500 continues to provide cushion to the US Dollar bulls. Horizontal resistance is plotted from 12 October 2022 high at 1.3978. The Relative Strength Index shifts into the bullish range of 60.00-80.00, which indicates an activation of the bullish impulse. A decisive break above March 24 high around 1.3800 would expose the asset to March 10 high at 1.
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