Thu, Feb 02, 2023 @ 18:57 GMT

USD/CAD Bounces Back

The Canadian dollar softens as risk-sensitive currencies take a backseat amid the greenback’s rally. From the daily chart’s perspective, the medium-term bias remains upward and the bulls have been waiting for an opportunity to stake in. A quick swing between 1.3510 and 1.3610 has narrowed the trading range, paving the way for the next one. A bullish breakout indicates that the path of least resistance is up and 1.3700 is a major obstacle ahead. Its breach would help the bulls regain control. 1.3600 is the closest support.

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