USD/CAD PRICE ANALYSIS: BULLS RETAIN CONTROL ABOVE MID-1.3700S, MULTI-WEEK HIGH
- USD/CAD trades with a positive bias for the fifth straight day, closer to a multi-week top.
- The uptick is led by the recent slump in Oil prices and seems unaffected by a weaker USD.
- The technical setup favors bullish traders and supports prospects for a further move up.
The USD/CAD pair attracts some buyers for the fifth successive day on Tuesday and trades above mid-1.3700s during the Asian session, closer to a six-week peak touched the previous day.
The recent slump in Crude Oil prices, to over a one-month low, is seen as a key factor undermining the commodity-linked Loonie and acting as a tailwind for the USD/CAD pair. The uptick, meanwhile, seems rather unaffected by the emergence of some selling around the US Dollar (USD), which continues to be weighed down by bets for an interest rate cut by the Federal Reserve (Fed) in September.
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