The USD/CAD pair falls gradually from the one-year high of 1.3880 in the European session. The Loonie asset drops as the US Dollar Index (DXY) slips s
USD/CAD falls modestly from one-year high at 1.3880 as the US Dollar retreats. Janet Yellen said high US bond yields reflect strong confidence in the US economy. Investors await BoC Macklem speech and Fed’s monetary policy. harply from 106.70 as investors shift focus to the interest rate decision by the Federal Reserve , which will be announced on Wednesday.
The near-term demand for the Loonie asset remains upbeat as the 20-day Exponential Moving Average at 1.3715 is sloping toward north. The Relative Strength Index shifts into the bullish range of 60.00-80.00, which indicates that the bullish momentum has triggered. A decisive break above October 27 high at 1.3880 would expose the round-level resistance at 1.3900, followed by 13 October 2022 high at 1.3978. In an alternate scenario, a breakdown below October 24 low around 1.
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