The USD/CAD pair encountered difficulties in making substantial progress on Thursday, exhibiting fluctuations within a narrow trading range while staying above the significant 1.3400 level during the Asian trading session. Examining the technical aspects, the current setup appears to favor bearish traders. However, it's prudent to exercise caution before committing to any positions that anticipate an extension of the recent corrective downturn from the psychological milestone of 1.3500, which was surpassed just two days ago, reaching a high not seen in two months.
In parallel, the prices of Crude Oil are consolidating after the prior day's surge, reaching a new Year-to-Date peak. This development provides support for the commodity-linked Canadian Dollar (CAD), acting as a counterforce to the upward momentum of the USD/CAD pair. Notably, there's a prevailing anticipation that the Bank of Canada (BoC) will temporarily halt its campaign of raising interest rates, thereby capping potential gains for the Canadian Dollar (CAD).
Conversely, the US Dollar (USD) persists in drawing strength from the expectations surrounding additional tightening of monetary policies by the Federal Reserve (Fed). This phenomenon contributes to containing the downward movement of the major currency pair.
TurnAround Point : 1.34450
Our preference
Short positions below 1.34450 with targets at 1.3375 & 1.3350 in extension.
In parallel, the prices of Crude Oil are consolidating after the prior day's surge, reaching a new Year-to-Date peak. This development provides support for the commodity-linked Canadian Dollar (CAD), acting as a counterforce to the upward momentum of the USD/CAD pair. Notably, there's a prevailing anticipation that the Bank of Canada (BoC) will temporarily halt its campaign of raising interest rates, thereby capping potential gains for the Canadian Dollar (CAD).
Conversely, the US Dollar (USD) persists in drawing strength from the expectations surrounding additional tightening of monetary policies by the Federal Reserve (Fed). This phenomenon contributes to containing the downward movement of the major currency pair.
TurnAround Point : 1.34450
Our preference
Short positions below 1.34450 with targets at 1.3375 & 1.3350 in extension.
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