USD/CAD could be in for a volatile week with the Bank of Canada meeting, and Fed Chairman Powel’s testimonial, on Wednesday, against the back drop of the ongoing Ukraine-Russia conflict.
The pair traded in a horizontal channel all through February, although did briefly break resistance around 1.2800 as risk-off flows supported the US Dollar. But with the BOC widely expected to hike rates, and oil prices getting a boost from geopolitical tensions, will USD/CAD break lower this week?
Click the following link for an in-depth technical analysis by one of our senior analysts:
In recent days, fundamental analysis has become more important than ever. So yes, let’s stay tuned and follow what happens as much as we can. I am sure that in the near future all the levels that have been forming for a long time will shift.
USD seems to have issues with rallying especially against commodities currencies. AUD/USD, NZD/USD, XAU/USD and XAG/USD all remains green despite GBP/USD and EUR/USD being red.
