USD/CAD Price Forecast: Forming a triangle pattern above 1.4000 support area
The US Dollar (USD) stalls at the 1.4050 area against the Canadian Dollar (CAD) on Tuesday. The pair’s rebound from last week’s lows at the 1.3990 area failed to find follow-through above 1.4060, which leaves price action treading towards the peak of a descending triangle pattern.
The US Dollar (USD) remains stagnant at 1.4050 against the Canadian Dollar (CAD) on Tuesday. Despite last week's failure to surpass 1.4060, the pair is forming a descending triangle pattern, with the USD facing resistance from key levels. The Federal Reserve's decision to hold interest rates, coupled with a lack of strong inflation-fighting measures, led to a sell-off of the USD, which in turn affected the CAD, given Canada's strong oil export dependency.
Technical indicators are uncertain, suggesting a possible breakout to the upside, but only if the pair can clear several resistance zones.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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