Article details
The USDCAD currency pair extended its weekly gain after rebounding off a key technical support zone around its 200-day moving average at 1.38323 and 200-hour moving average at 1.38258. Buyers managed to push the price above the 50% retracement level of 1.38663, but momentum stalled against a strong descending trendline that has capped gains on five consecutive tests. The bounce was fundamentally supported by U.S. dollar strength following strong inflation data that boosted Fed rate hike expectations.
