THE USD/CAD is looking lately to stabilize above 1. 2760 while the US dollar is gaining ground against a giant basket of currencies.
The US dollar index recently checked in to break the resistance at 94. 20 and continues to rise. The next significant resistance point for the US dollar index is at 94. 60. In case the US dollar index proves this point, the USD/CAD will get more support.
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WTI oil checked in to again surpass $75 points today, which is bullish for commodity-related currencies, but the dollar’s bullish momentum is too strong, so currency investors ignored advances in commodity markets.
It turns out that many investors have placed their hedging stops near the dollar’s annual highs, but a move above annual highs triggered those closes, so the U. S. currency controlled to gain ground despite the existing decline in Treasury yields.
USD vs. USD CAD has controlled to sit above the resistance at 1. 2730 and is the next resistance point at 1. 2760. The RSI remains in moderate territory, and there is plenty of room to gain more bullish momentum should the right catalysts emerge.
If the USD opposite the CAD overcomes the resistance at 1. 2760, it will head towards the next resistance point at 1. 2785. A move above this point will lead to resistance at 1. 2800. If the USD opposite the CAD manages to settle above 1. 2800, it will move towards resistance at 1. 2830.
On the other hand, the resistance passed at 1. 2730 will serve as the first point for the USD opposite the CAD. A move below this point will push the USD towards the CAD towards 1. 2710. If the USD in CAD falls below this point, it will head towards the next point which is at 20 EMA at 1. 2685.
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