USD/CAD gains ground despite a bearish bias suggested by daily chart analysis. The momentum indicator MACD also suggests a bearish trend for the pair. A break above the upper boundary of the descending channel and the psychological level of 1.3700 could weaken the bearish bias. The appreciation of the pair is attributed to the decline in crude Oil prices, given the fact that Canada is the largest Oil exporter to the United States .
3600 and a throwback support of 1.3590. A break below this region could exert downward pressure on the pair to navigate around the significant level of 1.3500. Further support may appear at the lower threshold of the descending channel. On the upside, the USD/CAD pair tests the upper boundary of the descending channel, followed by the psychological level of 1.3700. A breakthrough above the latter could weaken the bearish bias and lead the pair to explore the region around the key level of 1.
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Source: FXStreetNews - 🏆 14. / 72 Read more »