USD/CAD Technical Outlook: Key Support and Resistance Levels Amid Dollar Strength and Oil Prices
USD/CAD remains in a critical consolidation phase near 1.37 after rebounding off key support at the 55-day EMA around 1.3630. Technical indicators including RSI and MACD signal bullish momentum with targets at 1.3785 and 1.3845 resistance levels. The pair’s trajectory is influenced by a robust USD backed by hawkish Fed policy and mixed Canadian fundamentals amid soft oil prices. Watch for a break above 1.3785 for further gains; failure could trigger a pullback toward 1.3630. Traders should consider the interplay of technical setups and macro drivers in planning entries and exits.
