The USD/CAD pair jumps to 1.3550 in Tuesday’s European session after breaking above the two-day consolidation formed in a range of 1.3510-1.3550.
USD/CAD climbs above 1.3550 amid uncertainty ahead of key events. Canadian inflation is forecasted to have accelerated in February. Investors will keenly focus on the Fed’s interest rate guidance. The Loonie asset advances as uncertainty ahead of key events has dampened risk appetite of market participants. S&P500 futures have generated nominal losses in the London session, indicating a risk-aversion mood.
The upward-sloping border of the aforementioned pattern is placed from December 27 low at 1.3177. The chart pattern exhibits a sharp volatility contraction. The near-term appeal is bullish, as the 20-day Exponential Moving Average near 1.3520 continues to support the US Dollar bulls. The 14-period Relative Strength Index oscillates inside the 40.00-60.00 range, indicating indecisiveness among investors. The Loonie asset would observe a fresh upside if it breaks above December 7 high at 1.3620.
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