USD/CAD: Rounding bottom bullish pattern highlights 1.2205
USD/CAD retreats to 1.2180 during Wednesday’s Asian session, following a run-up to weekly top the previous day. In doing so, the Loonie pair steps back from the confirmation point of a bullish chart formation, rounding bottom, amid firmer RSI. Other than the chart pattern and RSI, the pair’s successful break above 200-SMA and an ascending support line from June 01 also keep buyers hopeful.
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SPECIAL WEEKLY FORECAST
The USD/CAD has been trading in an exaggerated one figure rut for more than a month from, 1.2035 to 1.2160 and back. Friday’s nearly 100-point move brought the pair to the top of that range, just as the drop on June 2 touched the bottom.