Forex
USD/CAD Rally Falters at Year-High Levels
The USD/CAD exchange rate has experienced a significant rally over the past week, rising nearly 3.4% from its August low and reaching year-high closing levels.
According to Michael Boutros, Senior Market Analyst at StoneX Media, this upward trend is a result of the pair's four-week winning streak.
The daily momentum has reached its highest level since June, with the USD/CAD rising on 13 out of the last 14 days.
However, Boutros cautions that each of the past three seven-day advances was followed by at least a one-day pause, suggesting that a close below the pitchfork median line with RSI under 70 could lead to a pullback.