Technical analysis: US Dollar rebounds, bullish CAD gets outperformed
The Canadian Dollar (CAD) is broadly higher on Thursday, gaining ground against nearly all of its major currency peers despite falling around four-tenths of a percent against the US Dollar. The CAD is struggling to hold flat against the day’s other over-performing currency, the Australian Dollar (AUD).
The USD/CAD is on the rise in Thursday trading, cutting in approximately 0.6% in bullish momentum bottom-to-top. The pair caught a bounce from the 1.3460 region, reclaiming the familiar 1.3500 handle in intraday trading.
Thursday’s recovery etches in a technical rejection from the 200-day Simple Moving Average (SMA) at 1.3485. A rangebound USD/CAD pattern looks set to continue in the near term
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