The USD/CAD pair trades sideways around 1.3580 in Tuesday’s European session.
USD/CAD trades lacklustre around 1.3580 as the focus shifts to US JOLTS Job Openings data. Traders pare Fed rate cut bets for June on strong US Manufacturing PMI. USD/CAD is on the verge of breaking out of the ascending triangle pattern. The Loonie asset struggles to extend recovery above 1.3580 as investors look for fresh United States labor data to get cues about when the Federal Reserve will start reducing interest rates.
A breakout of a Triangle pattern could happen in either direction. The chart pattern exhibits a sharp volatility contraction. The upward-sloping border of the aforementioned pattern is placed from December 27 low at 1.3177 while horizontal resistance is plotted from December 7 high at 1.3620 The 20-day Exponential Moving Average near 1.3520 remains sticky to spot prices, indicating a sideways trend. The 14-period Relative Strength Index oscillates inside the 40.00-60.
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