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The Canadian Dollar has been struggling despite a hawkish Bank of Canada (BoC). A rebound in oil prices hasn’t stirred USDCAD. BoC’s Carolyn Rodgers warns of looming interest rate hikes, due to rising debts and delinquency rates on credit cards. This isn’t different from Fed’s concerns voiced by Jerome Powell, which helped the US Dollar recover. On the technical front, USDCAD is showing mixed signals with both bullish and bearish patterns. A correction followed by a push to a potentially lower high and constructive development between 100-day and 200-day moving averages is likely. Currently, retail traders are net short on USDCAD, which may suggest a rise further and break resistance. For tips and tricks on how to use such sentiment data, get your free guide.
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Various technical indicators could put a stop to the upward trend
By Gustavo Nils
