USD/CAD pushes higher as buyers exert further near-term control

Author: Justin Low | Category: News

USD/CAD rises to session highs of 1.3475

USD/CAD H1 23-05
The Canadian dollar is now the weakest performing major currency on the day as the loonie comes under pressure on the back of weaker risk sentiment and softer oil prices today. Brent is back under $70 per barrel, down by 1.5%, and that's part and parcel of what is weighing on the currency on the session.

For USD/CAD, buyers managed to establish a more bullish bias in the near-term in Asian trading after a stunning recovery overnight to close back above the 1.3400 handle. Essentially, the ping pong action is still very clearly seen between 1.3400 and 1.3500 - especially on the daily chart as seen below:

USD/CAD D1 23-05
Price bounced off support around 1.3360 to post a recovery overnight to now hover back around ping pong range. Resistance is seen around 1.3480-90 before offers at 1.3500 will come into play next. Ultimately, buyers need to break above the swing region resistance around 1.3514-21 as well for a clear break back to the upside.

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