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USD/CAD Becomes more robust in anticipation of a breach over 1.3850

Alina Haynes

Oct 12, 2022 14:42

截屏2022-10-12 上午9.46.20.png 

 

The USD/CAD pair is bouncing around 1.3800 in response to the US dollar index's sideways performance after making a better recovery from 112.50. (DXY). The attractiveness of safe haven assets is anticipated to increase as a result of the pessimistic risk sentiment and declining S&P500 futures. Also aiming for 4% are 10-year US Treasury yields.

 

The major is auctioning in a four-hour scale inventory adjustment exercise, indicating a marginally longer consolidation phase. It is crucial to note that the adjustment process entails institutional investors collecting or distributing markups. Prior momentum has remained quite bullish, thus the odds favor a premium accumulation.

 

The bullish filters are strengthened by the rising 20-period and 50-period Exponential Moving Averages (EMAs) at 1.3758 and 1.3705, respectively.

 

Additionally, the Relative Strength Index (RSI) (14), which will start an uptrend, is striving to enter the bullish range of 60.00–80.00.

 

Dollar bulls will position the asset to hit a new two-year high of 1.4000 should it overcome Tuesday's high of 1.3855. In May 2020, the major will hit a high of 1.4173 if the latter is breached.

 

On the other hand, the asset will move toward the psychological support at 1.3500 and then the peak from September 19 at 1.3344 if there is a strong break below the round-level support at 1.3600.


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