The USD/CAD pair faces severe selling pressure in an attempt to extend recovery above 1.3660 and turns negative in Monday’s European session.
USD/CAD surrenders its entire intraday gains and turns negative as the US Dollar falls back due to firm Fed rate-cut prospects. Intraday gains in the US Dollar were driven by an assassination attack on US former President Donald Trump. The Canadian Dollar will dance to the tunes of Canada’s inflation data for June.
USD/CAD demonstrates a sheer volatility contraction, trading in a limited range of 1.3600-1.3780 from more than two months. A volatility contraction suggests lower volume and small ticks, while a breakout in the same results in wider ticks and heavy volume. The asset trades below the 20-day Exponential Moving Average near 1.3663, suggesting that the near-term outlook is bearish. The 14-period Relative Strength Index oscillates inside the 40.00-60.
Fed Inflation Dollarindex Supportresistance
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