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Jun 22 - 11:55 AM

USD/CAD - Support Holds By Daily Cloud Top As Traders Await Powell Testimony

By Paul Spirgel  —  Jun 22 - 11:11 AM
  • USD/CAD +0.2% at 1.2382, off NorAm low 1.2372; Tues range 1.2403-1.2360

  • Trades sideways ahead of Fed Chair Powell's Congress testimony

  • Powell- transitory inflation narrative in prepared remarks nN9N2M1016

  • USD/CAD back w/in Bolli envelope, finds support by daily cloud top 1.2357

  • More firm support by daily cloud base, 55/10-DMA area in mid-1.22's

  • Resistance at 100-DMA by 1.2419, Fri/Mon double top near 2-mos high 1.2485

CAD Chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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