USD/CAD reaches 1.3495 but drops as Oil price recovers, amidst Fed hawkish rhetoric – by christianborjon USDCAD Majors Macroeconomics Technical Analysis
, commented, “if there is a need to take further measures by reducing production to balance supply and demand, we always remain ready to intervene.”
Even though the US Dollar strengthened on those comments, the USD/CAD remained comfortably around the 1.3300-1.3400 range before climbing to new two-week highsThe USD/CAD daily chart portrays the head-and-shoulders chart pattern remains in play, albeit the pair edged toward the neckline around 1.3495. Once the price hit that threshold, Loonie buyers stepped in, dragging the USD/CAD lower, toward 1.3450s.
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