The USDCAD currency pair, currently at 1.32035, has surged towards a resistance level, indicating a positive outlook where an upward trend is expected in the future.
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- USD/CAD has popped towards resistance and a bullish bias on the charts is eyed going forward.
USD/CAD is sidelined on the front side of the bearish trend and has not been rattled by what was a rather benign outcome form the Federal Reserve meeting. The Fed, raised its interest rate decision by a 25 bps rate hike to 5.25-5.50%, as expected.
As a result of the statement:
Analysts said the FOMC meeting was as expected, with Chair Jerome Powell “playing it close to straight down the middle” between hawkish and dovish on the rates outlook going forward.
Nevertheless, the US Dollar was nudged lower, as seen by the DXY index, a measure of the Greenback against six major peers. It fell 0.345% at 1.1093.
Consequently, USD/CAD popped towards trendline support and follow-through will see the price eyeing up overhead resistance as illustrated above. Should this hold, then there will be a focus on current support again. Overall, however, the price will be on the backside of the old bearish trendline and that leaves a bullish bias on the charts going forward. A break of last week’s and this week’s lows, however, opens risk for a downside continuation.
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