The USD/CAD pair drops to 1.3730 in Monday’s European session.
USD/CAD falls modestly to 1.3730 after refreshing a five-month high near 1.3800. The US Dollar consolidates near 106.00 as the focus shifts to US Retail Sales data. Canada’s inflation data will influence speculation for BoC rate cuts. The Loonie asset falls while the US Dollar consolidates in a tight range, indicating some strength in the Canadian Dollar. The US Dollar Index trades sideways in a range near a six-month high around 106.00.
USD/CAD delivers a stalwart rally after a breakout of the Ascending Triangle chart pattern formed on a daily timeframe. An ascending triangle formation demonstrates a sharp volatility contraction that exhibits small ticks and low volume. While a breakout in the same results in wider ticks towards the upside and heavy buying volume. Upward-sloping 20-day Exponential Moving Average near 1.3610 indicates more upside ahead. The 14-period Relative Strength Index shifts into the bullish range of 60.
Inflation Fed BOC Supportresistance
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