The USD/CAD pair holds onto gains prompted by a breakout of the consolidation formed in a range of 1.3665-1.3740 in the European session. The Loonie a
USD/CAD advances on lower oil prices, US Dollar’s recovery, and neutral BoC bets. The BoC is expected to keep interest rates unchanged at 5%. USD/CAD hovers near the upper portion of the Rising Channel chart pattern in an attempt for a breakout. sset capitalizes on expectations that the Bank of Canada will keep interest rates unchanged at 5% for the second time in a row.
The Loonie asset is approaching the horizontal resistance plotted from October 5 high at 1.3784. Upward-sloping 50-period Exponential Moving Average at 1.3720 warrants more upside ahead. The Relative Strength Index shifts into the bullish range of 60.00-80.00, which indicates that the upside momentum has been triggered. A decisive break above March 24 high around 1.3800 would expose the asset to March 10 high at 1.3860, followed by the round-level resistance at 1.3900.
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