The USD/CAD pair stays on sidelines below the round-level resistance of 1.3700 in Tuesday’s European session.
USD/CAD oscillates in a tight range below 1.3700 ahead of crucial US economic data. The US inflation data will impact Fed rate-cut prospects for September. USD/CAD trades in a Descending Triangle pattern, suggesting indecisiveness among investors. The Loonie asset consolidates as investors await the release of the United States Producer Price Index and the Consumer Price Index data for April, which will be published at 12:30 GMT and on Wednesday, respectively.
USD/CAD oscillates in a Descending Triangle chart formation on a daily timeframe. The downward-sloping border of the above-mentioned chart pattern is plotted from April 16 high at 1.3846, while the horizontal support is placed from March 19 high at 1.3614. The 20-day Exponential Moving Average at 1.3684 continues to act as a major barricade for the US Dollar bulls. The 14-period Relative Strength Index remains inside the 40.00-60.00 range, suggesting a sharp volatility contraction.
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