Technical analysis: USD/CAD’s broader bias remains positive, with a key resistance area at 1.3645
The US Dollar has bounced up from the support area at 1.3555. This level is coincident with the US Dollar Index (DXY) support area at 193.90. Investors are cutting back their exposure to risky assets as we head into the US CPI release, returning to the safe-haven US Dollar.
The broader trend remains positive, and the pair has scope for another test at the 1.3645 trendline resistance. Above here, the next target would be the 1.3680-1.3700 area. Support levels remain at 1.3555, the confluence of the 4-hour 50 and 100 SMAs, followed by 1.3480 and 1.3415
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