USD/CAD Price Analysis: Climbs To Near 1.3200 Amid Sheer Strength In US Dollar And Weak Oil Prices

The USD/CAD pair has jumped sharply to near the round-level resistance of 1.3200 in the London session. The Loonie asset has picked significant bids as the US Dollar Index (DXY) shows severe resilience, and the oil prices are dropped sharply.

As hawkish central banks have threatened global economic prospects, oil prices face the heat. It is worth noting that Canada is the leading oil exporter to the United States, and weak oil prices impact the Canadian Dollar.

The US Dollar Index (DXY) has climbed to near 103.00 amid tailwinds of the risk-aversion theme. Also, hawkish Federal Reserve (Fed) bets have strengthened the appeal for the US Dollar.

USD/CAD is auctioning hourly in a Falling Channel chart pattern in which market participants consider each pullback a selling opportunity. The 100-period Exponential Moving Average (EMA) at 1.3196 is a stiff barricade for the US Dollar bulls.

Contrary to that, the Relative Strength Index (RSI) (14) has stepped into the bullish range of 60.00-80.00. However, the downside risks are still elevated.

In the future, a downside move below June 16 low at 1.3177 could expose the asset to June 22 common at 1.3139, followed by the round-level support at 1.3100.

On the flip side, a decisive move above June 15 high at 1.3355 would drive the asset to June 12 high at 1.3384 and June 06 high at 1.3452.

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