Wed, Feb 08, 2023 @ 01:38 GMT
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USD/CAD Tests Key Resistance

The Canadian dollar struggles over plunging oil prices amid demand concerns. On the daily chart, the outlook remains positive and crossing moving averages may suggest a potential acceleration to the upside. The pair hit resistance at the former support at 1.3700 and led some intraday traders to take profit. A bullish breakout would extend gains to November’s high of 1.3800, which could foreshadow a recovery to the previous peak of 1.3970. 1.3560 is the first support in case of prolonged hesitation.

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