Canadian Dollar, USD/CAD Price Analysis
As the US Dollar has continued to fall, USD/CAD has continued with strength.
This highlights how the Canadian Dollar has recently been even weaker than the US Dollar.
Can USD/CAD break out to fresh highs?
USD/CAD Rallies into Resistance
It’s been a continuation of fear so far through this week, with a possible turning point in a number of risk markets starting to show. The US Dollar, in particular, has been in focus as last week’s breakout and Thursday’s push to fresh three-year-highs has quickly unwound. But, over the past half-of-a-day, support has held: Buyers appear to be getting just a little bit more aggressive, and this highlights the potential for a return of USD-strength. That support build comes in around the 38.2% retracement of the February rally in the currency; and this highlights a very interesting strategy component in the USD/CAD pair.
As the US Dollar has continued to fall, USD/CAD has continued with strength.
This highlights how the Canadian Dollar has recently been even weaker than the US Dollar.
Can USD/CAD break out to fresh highs?
USD/CAD Rallies into Resistance
It’s been a continuation of fear so far through this week, with a possible turning point in a number of risk markets starting to show. The US Dollar, in particular, has been in focus as last week’s breakout and Thursday’s push to fresh three-year-highs has quickly unwound. But, over the past half-of-a-day, support has held: Buyers appear to be getting just a little bit more aggressive, and this highlights the potential for a return of USD-strength. That support build comes in around the 38.2% retracement of the February rally in the currency; and this highlights a very interesting strategy component in the USD/CAD pair.