USD/CAD bears need to get below daily support 1.3387 USDCAD Currencies DollarIndex SEO BOC
The Bank of Canada's Tiff Macklem used a speech in Quebec City on Feb. 7 to reiterate that the central bank would be taking a conditional pause on rate hikes over the months ahead although he was also definitive that policymakers aren’t planning on cuts anytime soon. This was the Bank of Canada's governor's first speech of 2023.
''It signalled the producer is expecting stronger demand, particularly in China which is reopening after years of virus-related restrictions,'' the analysts added. As we can see, USD/CAD has printed a W-formation on the daily chart. While this is a reversion pattern, USD/CAD bears need to break the neckline and close below it or face bullish pressures that could lead to a move into the 1.3470s and with USD/CAD bulls eyeing 1.3520 thereafter. On a break below the neckline, it would be safe to say that theInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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