- The Loonie would end the week with losses above 2%.
- A dismal sentiment weighed on risk-sensitive currencies just like the Canadian greenback.
- USD/CAD Price Analysis: A each day shut above 1.3300 might pave the way in which in the direction of 1.3400.
The USD/CAD rallied to a nearly two-year high at round 1.3307, a degree final seen in November 2020, spurred by a risk-off impulse as traders apprehensive about an aggressive Federal Reserve hike that might faucet the US financial system into a recession. At the time of writing, the USD/CAD is buying and selling at 1.3293, above its opening worth by 0.51%.
USD/CAD Price Analysis: Technical outlook
The Loonie weakened vs. a stable buck, piercing the 1.3300 mark briefly in the course of the North American session. Given that the USD/CAD started trending up in April of 2021, the main may proceed to increase its good points. Once attaining a each day shut above the 1.3300 determine, the next goal could be October 29, 2020, a each day high, at round 1.3390. Once cleared, it will expose the September 2020 highs at 1.3418.
Near time period, the USD/CAD is poised to the upside, although it retreated from above the 1.3300 determine. Worth noting that the 20-EMA at 1.3267 capped the retracement; since then, the pair recovered in the direction of the R2 each day pivot at 1.3295. A breach of the latter will re-expose the YTD high at 1.3307, which, as soon as cleared, would open the door towards the R3 pivot level at 1.3347, forward of the R4 each day pivot on the 1.3400 mark.
USD/CAD Key Technical Levels