FX.co ★ USD/CAD

USDCAD 5-Minutes Analysis: After quickly climbing from its lowest level since December 26, the USD/CAD pair increased during this Thursday's early North American session. Strong momentum and a little rise in demand for US - dollars have allowed the current price to reach 1.39761. For a variety of factors, the USD - Index, which measures the dollar's performance in comparison to a basket of currencies, has bounced back well from a seven-month low. Despite this, concerns over a growing global economic crisis have hindered market confidence. This is further supported by recent waves of global risk - aversion trade that uphold the status quo of safe - haven assets. A rise in intraday US - Treasury bond rates also strengthens the US - currency. After gaining momentum in the early European session, the USD/CAD continued to advance, getting close to round-level resistance around 1.40061. Due to a decrease in market players' willingness to take on risk, the Loonie had fallen to about 1.39261 earlier in the day. After a long period of growth, investment in risk - sensitive assets has declined. Bearish momentum will start if the Relative Strength Index enters the bearish range between 10.00 and 30.00. Over the course of four hours, the USD/CAD ratio fluctuated between 1.39661 and 1.40861. A rise in volatility after an inventory distribution breakdown often results in wider negative ticks. A horizontal support line is expected to form from the low point on December 30 at 1.39711 in order to preserve the Lonnie asset.