FX.co ★ IgniteTrade | USD/CAD

USDCAD 5-Minutes Analysis: The USD/CAD pair rose during this Thursday's early North American session after swiftly rising from its lowest position since December 26. The current price has been able to surpass 1.39847 because of strong momentum and a little increase in demand for US dollars. The USD Index, which gauges the dollar's performance in relation to a basket of currencies, has recovered well from a seven - month low for a number of reasons. Despite this, market confidence has been impeded by worries of a worsening global economic crisis. Recent waves of worldwide risk - aversion trading, which reinforce the status quo of safe-haven assets, also lend credence to this. The US dollar is also strengthened by an increase in intraday US Treasury bond rates. The USD/CAD continued to rise after picking up steam in the early European session, approaching round-level resistance around 1.40147. The Loonie had dropped to about 1.39347 earlier in the day due to a decline in market participants' appetite for risk. The investment in risk-sensitive assets has decreased after a protracted increase in these assets. If the Relative Strength Index falls into the bearish zone between 10.00 and 30.00, it will initiate bearish momentum. The USD/CAD ratio has been broken down between 1.39747 and 1.40947 during a four-hour period. Wider negative ticks are often caused by an increase in volatility after an inventory distribution breakdown. To maintain the Lonnie asset, a horizontal support line is anticipated to be established from the December 30 low point at 1.39797.