Upbeat US data and hawkish comments by Fed’s Williams throw a spanner on Canadian Dollar’s recovery US Initial Jobless Claims and housing data endorse belief in strong labor market, hot inflationary trends. USD/CAD pullback is losing steam right above 1.3730 support area. The Canadian Dollar is trading higher for the second consecutive session on Thursday, yet with weaker bullish momentum.
3730 support area The broader US Dollar trend remains positive, although the pair is going through a corrective pullback from overbought levels. Technical indicators are showing a moderate bearish momentum although the pair has stalled right above the 1.3730 support area, following a five-day rally. A deeper reversal below the mentioned 1.3730 level might find support at the 38.2% Fibonacci retracement level of April’s rally at 1.3705 and at 1.3660.
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Source: FXStreetNews - 🏆 14. / 72 Read more »