The USD/CAD started a fresh upward move on Monday and posted a 128-pip strong rally after the U.S. dollar edged higher against the basket of major currencies. The price action formed a decent bullish trendline after bulls took over the key average price crossovers. This strong move came after the hawkish stance of the Federal Reserve and the dollar continued to strengthen for the rest of the week. The relative strength index indicator is making higher highs and higher lows suggesting an increase in upside momentum. The MACD has also generated a crossover buy signal on the daily chart confirming bulls are in control.
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