Home Analysis USD/CAD continues to trade in a rising channel

USD/CAD continues to trade in a rising channel

USDCAD continues to trade in a rising channel - forexspacex.com

USD/CAD rallied towards the major psychological resistance mark at the 1.3200 level on Wednesday morning in Asia, trading up by 0.30% against the previous day’s close. The pair received support from the rise in treasury bonds and other debt instruments. The U.S. dollar gained traction on the prospects of a 75-basis point rate hike for September month. The dollar index, which is the benchmark for the greenback against the basket of major currencies, settled above the historic resistance level at the 110.00 mark, up by 0.59% on Tuesday. The USD/CAD price is not yet in the overbought zone on the daily chart therefore we can expect some more extensions to the upside in the near term.

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