Canadian Dollar Slides as Fed’s Hawkish Shift Lifts USD/CAD
- Fed Policy Impact: The Canadian dollar continues to slide against the US dollar due to rising hawkish expectations from the Federal Reserve, with the USD/CAD pair reaching a multi-week high, reflecting a significant divergence in monetary policy between the Bank of Canada and the Fed.
- Rate Expectation Shift: Strong US economic data has increased market expectations for the Fed to maintain higher interest rates for longer, boosting the dollar's attractiveness, while the Bank of Canada is expected to cut rates later this year, exacerbating the downward pressure on the loonie.
- Commodity Prices and Economic Data: Despite elevated oil prices due to supply concerns, the loonie has found little support, with mixed domestic economic data showing modest GDP growth but soft retail and housing figures, reinforcing the case for potential BoC rate cuts.
- Technical Analysis: The USD/CAD has broken above its 50-day moving average, indicating a bullish signal, and if it sustains above the 1.3700 level, it may test the 1.3800 area, prompting traders to watch upcoming US inflation and Canadian employment data for trend confirmation.
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Technical Analysis for BANK
Technical Sentiment Analysis for Lorenzo Protocol (BANK). As of , Lorenzo Protocol (BANK) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 3 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BANK stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BANK is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Lorenzo Protocol (BANK) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0227 | 0.0281 | 0.034 | 0.0394 | 0.0453 | 0.0507 | 0.0566 |
| Fibonacci | 0.0281 | 0.0324 | 0.0351 | 0.0394 | 0.0437 | 0.0464 | 0.0507 |
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