The post Rallies to near 1.3750 amid recovery in US Dollar appeared on BitcoinEthereumNews.com.

USD/CAD has extended recovery to near 1.3750 as the risk-on impulse faded. The USD Index recovered despite high chances for the Fed to keep interest rates unchanged until the end of 2023. USD/CAD recovered strongly after discovering buying interest near the 50% Fibo retracement at 1.3640. The USD/CAD pair recovered vertically to near 1.3750 as investors cleansed positions from risk-perceived assets and rushed back to the risk-aversion theme. The Loonie asset delivered a sharp recovery as the US Dollar Index (DXY) rebounded to near 105.60. S&P500 futures have reported some losses in the London session, portraying a dismal market mood. The USD Index recovered despite high chances for the Federal Reserve (Fed) to keep interest rates unchanged in the range of 5.25-5.50% till the end of 2023. Meanwhile, investors await the speech from Federal Reserve (Fed) Chair Jerome Powell, which is scheduled for Wednesday. Jerome Powell is expected to guide whether investors should be prepared for more interest rate hikes in the December monetary policy meeting. USD/CAD recovered strongly after discovering buying interest near the 50% Fibonacci retracement (plotted from 9 September at 1.3380 to 1 November high at 1.3900) at 1.3640. The Loonie asset has climbed above the 50-period Exponential Moving Average (EMA), which indicates that the near-term trend has turned bullish. The Relative Strength Index (RSI) (14) is testing waters in the bullish range of 60.00-80.00. If the RSI (14) manages to sustain, a bullish momentum would get triggered. Going forward, 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 1.3660 would drag the asset to the round-level support of 1.3600. A further breakdown could expose the asset to October 7 low…

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Filed under: News - @ November 7, 2023 2:18 pm