With Powell’s hawkish stance, the USD\/CAD pair rises beyond the 1.3755 mark and is now approaching 1.3800 after trading at 4-month highs. The pair is trading at 1.3759 at the time of writing versus the previous closing at 1.3611 on Monday.<\/p>\n\n\n\n
On the strength of Jerome Powell’s remarks, the USD\/CAD immediately surged to new YTD highs at 1.3743. Inflation is rising, Powell continued, and depending on the data coming in, the Fed may tighten monetary conditions more quickly. As a result, the USD\/CAD increased from about 1.3670. The current exchange rate for the USD\/CAD is 1.3744.<\/p>\n\n\n\n
The USD\/CAD has increased its gains over 130 pip for the day, and bulls are aiming to target the high from November 3 that coincides with an ascending trendline that crosses near 1.3808. If the USD\/CAD pierces the latter, a test of the 2022 high at 1.3977 would then be possible. Nevertheless, buyers must first recapture 1.3900 before moving on to the psychological 1.4000 level and the latter.<\/p>\n\n\n\n
In a different scenario, the preceding YTD high at 1.3685 would serve as the first support for the USD\/CAD, followed by the level of 1.3700 for a bearish continuation. Once passed, the daily low around 1.3550 on March 3 would act as the next support for the USD\/CAD.<\/p>\n\n\n\n
It should be noted that the Rate of Change (RoC) is aiming higher, and the Relative Strength Index (RSI) is in bullish territory, suggesting that bulls are in control.<\/p>\n","protected":false},"excerpt":{"rendered":"
With Powell’s hawkish stance, the USD\/CAD pair rises beyond the 1.3755 mark and is now approaching 1.3800 after trading at 4-month highs. The pair is trading at 1.3759 at the time of writing versus the previous closing at 1.3611 on Monday. On the strength of Jerome Powell’s remarks, the USD\/CAD immediately surged to new YTD …<\/p>\n","protected":false},"author":13,"featured_media":61177,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[9358,6987,7163,7015],"class_list":["post-81101","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-hawkish-stance","tag-inflation","tag-jerome-powell","tag-usd-cad"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81101","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81101"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81101\/revisions"}],"predecessor-version":[{"id":81102,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81101\/revisions\/81102"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61177"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81101"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81101"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81101"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}