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Today, the USD/CAD pair retreats from its highest levels since 2020, ending its four-day winning streak.
The Canadian dollar strengthened in response to reports that Canadian Prime Minister Justin Trudeau will step down as leader of the Liberal Party, with a potential resignation announcement expected today. Coupled with the recent rise in crude oil prices, this further strengthens the commodity-linked Canadian dollar, putting pressure on the USD/CAD pair.
On the daily chart, the pair remains within an upward channel, indicating a sustained bullish bias. The RSI (14-day Relative Strength Index) is also in positive territory, above the 50 level, and has exited the overbought zone, signaling a steady bullish sentiment.
Additionally, the USD/CAD pair has just crossed above the 9-day EMA and continues to trade above the 14-day exponential moving average (EMA), emphasizing a bullish trend and strong short-term price momentum. This alignment reflects a consistent buying interest, suggesting the potential for further growth and opportunities for buying on declines.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
