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USD/CAD Price Analysis: Extends losing spell for fourth trading session

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Oil,Fed,Dollarindex

The USD/CAD pair continues its losing streak for the fourth trading session on Monday.

USD/CAD drops further to 1.3720 as the Canadian Dollar holds strength despite weak Oil prices. This week, the US Core PCE Price Index and Q1 GDP data will guide the US Dollar. USD/CAD corrects after a sharp rally, driven by an Ascending Triangle breakout. The Loonie asset drops to 1.3720 as investors have underpinned the Canadian Dollar against the US Dollar despite multiple headwinds. The Canadian Dollar holds strength even though the Oil price plummets below $81.00.

USD/CAD delivered a sharp rally after a breakout of the Ascending Triangle chart pattern formed on a daily timeframe. The near-term outlook remains strong as the 20- and 50-day Exponential Moving Averages , which trades around 1.3680 and 1.3600, respectively, are moving higher. The 14-period Relative Strength drops to near 60.00 but still holds inside the bullish range of 60.00-80.00.

 

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