Home Analysis USD/CAD is marching higher

USD/CAD is marching higher

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USDCAD is marching higher - forexspacex.com

The USD/CAD is trading higher on Thursday morning in the Asian session ahead of the US core Personal Consumption Expenditures (PCE) data report. The price jumped quickly during the trading session on Tuesday to break above the psychologically important level at the 1.2800 mark amid the rally in the U.S. dollar. Today it is approaching the 1.2850 level and is trading near a 6-week high. The bulls can push the price above this level if the U.S. dollar continues to strengthen. The relative strength index indicator is still not in the overbought territory, therefore in the presence of sufficient upside momentum, USD/CAD may head towards the next resistance level at the 1.2900 mark.

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