The pair holds above the 50- and 100-hour Exponential Moving Averages .The USD/CAD pair trades in positive territory in the Asian trading hours on Monday. The uptick in the pair is bolstered by mixed USand the rise in US 10-year Treasury bond yields. Meanwhile, the uptick in oil prices supports the Loonie against the US Dollar. The major pair currently trades near 1.3457, gaining 11% for the day. Market participants will keep an eye on the Canadian Consumer Price Index YoY for July on Tuesday.
From the technical perspective, USD/CAD holds above the 50- and 100-hour Exponential Moving Averages , which means further upside looks favourable. Any follow-through buying beyond 1.3470 could pave the way to 1.3500, highlighting a psychological round figure and a high of August 8. Any meaningful follow-through buying above the latter will see a rally to the next barrier at 1.3550 , en route to 1.3650 .
On the flip side, 1.3430 acts as an initial support level for USD/CAD. The 1.3390–1.3400 zone will be the key contention level to watch. The mentioned level is the confluence of the lower limit of the Bollinger Band, a psychological round mark, and the 50-hour EMA. Any extended weakness below the latter will challenge the next downside filter at 1.3340 . The additional downside filter is located at 1.3300 .
However, the further upside appears favourable as the Relative Strength Index stands above 50, activating the bullish momentum for the
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »