The US Dollar/Canadian Dollar (USD/CAD) exchange rate has been on the rise, gaining through 1.35 points to test 1.37, according to Shaun Osborne, Chief FX Strategist at Scotiabank. This bullish trend could continue as the trend strength (DMI) oscillators are aligned in favor of the US Dollar on intraday, daily, and weekly studies.
The USD/CAD pair has already broken through key resistance, so it is likely that the US Dollar will remain firm on modest dips. This could result in the pair rising further to retest the 1.37 area, which was the highest point the USD/CAD pair reached late last year. Support for the pair is likely to emerge in the mid-1.35 zone, though the support zone could extend back to the 1.35 area.
If the USD/CAD pair does manage to break through the 1.37 point, it could extend its gains to retest the 1.38 zone. The bullish alignment of the trend strength oscillators suggests that this is a possibility, though it is not a certainty.
In conclusion, the USD/CAD pair has been on the rise and is currently testing the 1.37 point. The bullish alignment of the trend strength oscillators suggests that the USD could remain firm on modest dips, potentially resulting in the pair rising further to retest the 1.38 zone. However, gains through 1.37 cannot be excluded, and it remains to be seen whether the USD/CAD pair will break through this point.
