US dollar strengthened across the board, particularly against commodity currencies hit by a decline in prices. Canadian data fails to offer support to the Loonie while Fed’s Powell testimony supports USD. Pair testing again the 20-day moving average. The USD/CAD pair rose constantly during the last seven hours boosted by a stronger US dollar. Recently printed a fresh daily high at 1.3193 before bouncing modestly to the downside. It was hovering around 1.3180/85, up 50 pips for the day. Canadian data showed that Manufacturing Shipments in May rose 1.4% above the 0.5% expected, while previous month numbers were revised higher (from -1.3% to -1.1%). The loonie kept it bearish bias offset USD strength. Fed’s Chairman Powell mentioned that the correct policy is to keep raising rates at a gradual pace. At the moment, he is at the Senate Banking Committee, answering the senators. The US Dollar Index bounced from five-day lows and climbed back above Friday’s closing level. At the same moment, crude oil reached a fresh weekly low and gold tumbled to the lowest since July 2017. USD/CAD Levels to watch The move to the upside has been capped so far below the 20-day moving average that stands at 1.3195/1.3200. The mentioned MA offered resistance also last week, so a consolidation on top could signal more gains ahead. The positive tone remains in place. To the downside, immediate support is seen at 1.3160, 1.3105/10 and 1.3060 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ethereum Technical Analysis: ETH/USD fails to sustain upside momentum, if near-term buy zone fails to hold, a complete reversal of this week’s gains could be seen FX Street 5 years US dollar strengthened across the board, particularly against commodity currencies hit by a decline in prices. Canadian data fails to offer support to the Loonie while Fed's Powell testimony supports USD. Pair testing again the 20-day moving average. The USD/CAD pair rose constantly during the last seven hours boosted by a stronger US dollar. Recently printed a fresh daily high at 1.3193 before bouncing modestly to the downside. It was hovering around 1.3180/85, up 50 pips for the day. Canadian data showed that Manufacturing Shipments in May rose 1.4% above the 0.5% expected, while previous month numbers were revised higher… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
