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USD/CAD now moving sideways following its printing of a new twenty years height of 1.3623 during the Tokyo session. The pair is getting set for a new Rally as it is anticipated to advance its 4 days straight gaining. We can’t eliminate the possibility of a minor corrections as the pair keeps moving higher while the United States Dollar index (DXY) continues to portray signs of weariness. This could be perceived after the dollar index recorded a new twenty-year high of 114.52.
The US dollar index keeps losing momentum, this could be observed as the momentum oscillator is now flat in the overbought. However, this is clearer on short time frame charts. The strength of DXY keeps increasing as market sentiment keeps rising. Also, the house arrest of China’s leader and the threat of a nuclear attack from the Russia’s President has affected the market sentiment of buyers, sellers, and investors. Subsequently, this is affecting the CAD/USD.
More Details Surrounding USD/CAD Recent Strengthening
A highly reactive display is anticipated from the US dollar index. This is because investors are expecting the publication of the United States Durable Goods Order data, and this is due to be rolled out tomorrow. This data is anticipated to fall by 1.1% against the past release of 0.1%. The fall in this data is due to increased prices for durable goods. Additionally, the main consumer price index upbeat by 0.4%, as it moved from 5.9% to 6.3%.
It is important to note that USD/CAD is perceived to be stronger than the US dollar index. Consequently, this implies that CAD (Canadian Dollar) is weakening, as the dollar index grows stronger. The Canadian dollar has become weak due to weakening oil prices. Also, oil prices relinquished the $80.00 support. This occurred because of the hawkish guidance which was given by the Feds on the interest rate. And, this has reduced development prospects, as well as the request for oil. In addition, the request for gasoline is falling in the United States economy.
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