USDCAD continues its upward trend — USD is dominating.
USDCAD on the H3 timeframe maintains its bullish structure, although the price continues to shift into an ascending channel and consistently creates higher lows after each correction. I've noticed that the 1.3730 area is being very well defended, with the price repeatedly bouncing back around the EMA34, EMA89, and the support line of the ascending channel.
From a macroeconomic perspective, the USD remains supported by expectations that the Fed will maintain a higher rate of growth for longer, given that the US economic recovery hasn't fully cooled down. The continued high yields on US Treasury bonds and market risk sentiment are driving capital back to the USD instead of the CAD.
Meanwhile, while rising oil prices are providing some support for the CAD, this buying pressure is currently not strong enough to reverse the upward trend of USDCAD. The market is currently prioritizing the strength of the USD over commodity factors.
On the chart, the 1.3790 area is a notable target if USDCAD continues to maintain the 1.3730 support level. As long as the price remains above the EMA89 and the ascending channel is not broken, the main trend remains bullish.
From a macroeconomic perspective, the USD remains supported by expectations that the Fed will maintain a higher rate of growth for longer, given that the US economic recovery hasn't fully cooled down. The continued high yields on US Treasury bonds and market risk sentiment are driving capital back to the USD instead of the CAD.
Meanwhile, while rising oil prices are providing some support for the CAD, this buying pressure is currently not strong enough to reverse the upward trend of USDCAD. The market is currently prioritizing the strength of the USD over commodity factors.
On the chart, the 1.3790 area is a notable target if USDCAD continues to maintain the 1.3730 support level. As long as the price remains above the EMA89 and the ascending channel is not broken, the main trend remains bullish.
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