USD/CAD Price Analysis: More gains in pipeline above 1.3670 amid risk-off mood USDCAD GDP RiskAversion Breakouts DollarIndex
USD/CAD is struggling to surpass 1.3650, however, the upside looks favored amid strength in the USD Index.The RSI has shifted into the bullish range of 60.00-80.00 after a long period of more than four months.has delivered a minor corrective move after failing to continue its upside momentum above 1.3650 in the early Asian session.
USD/CAD is meaningfully strengthened after delivering a breakout of the downward-sloping trendline plotted from October 13 high at 1.3978 on a daily scale. The 10-period Exponential Moving Average at 1.3558 is providing cushion to the US Dollar bulls. Meanwhile, the Relative Strength Index has shifted into the bullish range of 60.00-80.00 after a long period of more than four months. More upside looks favored as the momentum oscillator is not showing any sign of divergence and overbought levels.
The Loonie asset is expected to add more gains after surpassing February 24 high at 1.3665, which will drive the asset toward the horizontal resistance plotted from December 07 high around 1.3700 followed by November 03 high around 1.3800. Alternatively, a break below February 6 high at 1.3474 will drag the asset to near January 26 high around 1.3408. A slippage below the same will expose the asset to February 16 low around 1.3357.
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