The rise in the US Dollar Index has led to a rebound against several currencies such as the Canadian dollar, the euro, and the Japanese yen, shifting the medium-term bearish trend into a bullish one. One of the pairs that could benefit from the USD’s strength is the USD/CAD.
After the USD/CAD pair recorded a new high by breaking the last lower high, the recent pullback is considered a correction within the upward trend. The price is likely to rise from the 1.35725 level toward the 1.36567 target.
However, a drop below the 1.35397 level and a 4-hour candle closing beneath it would invalidate the bullish scenario.
Note:
This pair is trading in a general downtrend on the daily timeframe. However, the above analysis is specifically based on the 4-hour chart for the medium-to-short-term outlook.
Markets are also closely watching the Federal Reserve meeting later today, as its outcome will have a direct impact on all USD-related currency pairs.
After the USD/CAD pair recorded a new high by breaking the last lower high, the recent pullback is considered a correction within the upward trend. The price is likely to rise from the 1.35725 level toward the 1.36567 target.
However, a drop below the 1.35397 level and a 4-hour candle closing beneath it would invalidate the bullish scenario.
Note:
This pair is trading in a general downtrend on the daily timeframe. However, the above analysis is specifically based on the 4-hour chart for the medium-to-short-term outlook.
Markets are also closely watching the Federal Reserve meeting later today, as its outcome will have a direct impact on all USD-related currency pairs.
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