Technical analysis: The USD has scope for further appreciation to 1.3615
The USD/CAD regained positive traction on Monday, underpinned by the strong US macroeconomic data that endorses the “soft landing” rhetoric and opens cracks in the market view tat anticipates three rate hikes in 2024.
The pair keeps trading within a slightly bullish channel. The rebound from last week’s lows has breached resistance at 1.3565, which gives buyers hope to extend gains toward 1.3615 and the top of the channel at 1.3632. Supports are 1.3520 and 1.3470
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