Technical analysis: Canadian Dollar grinds out some gains as US Dollar soars
The Canadian Dollar (CAD) tumbled six-tenths of one percent against the Greenback on Friday, but otherwise stuck to its guns. The CAD rose three-quarters of one percent against the New Zealand Dollar (NZD) and six-tenths of one percent against the Australian Dollar (AUD). The CAD is also in the green within a fifth of a percent against the Euro (EUR) and the Swiss Franc (CHF).
USD/CAD shot to fresh near-term highs above 1.3750 on Friday, bumping into the ceiling of recent consolidation patterns. The pair is set to continue grinding sideways in the medium-term as buying power in the US Dollar evaporates at familiar technical highs.
Daily candlesticks show the pair on pace to see its strongest close in over a month, and bumping into its highest bids since early May. Consolidation remains the name of the game in the long-term, though USD/CAD continues to grind out chart paper north of the 200-day Exponential Moving Average (EMA).
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