The USD/CAD pair bounces back from the day’s low of 1.3666 in Thursday’s London session.
USD/CAD rebounds from 1.3666 as the US Dollar holds ground ahead of US NFP data. The BoC announces a rate cut decision, as expected, and emphasizes a data-centric approach for the interest-rate path. USD/CAD holds the Descending Triangle breakout. The Loonie asset rebounds as the US Dollar recovers intraday losses. The US Dollar Index rebounds from the crucial support of 104.
The near-term outlook of the USD/CAD pair remains firm as it holds the breakout of the Descending Triangle chart formation on a daily timeframe. A breakout of the above-mentioned chart pattern results in heavy volume and wider ticks on the upside. Upward-sloping 20-and 50-day Exponential Moving Average , which trade around 1.3675 and 1.3650, respectively, suggest that the near-term trend is bullish. The 14-period Relative Strength Index oscillates in the 40.00-60.
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