USD/CAD Rate Rebound Emerges Following Bullish Outside Day Formation 2021-02-26 15:00:00 David Song, Strategist
Canadian Dollar Talking Points
USD/CAD bounces back from a fresh yearly low (1.2468) after carving a bullish outside day (engulfing) candlestick formation, and the exchange rate appears to be on track to test the 50-Day SMA (1.2725) as the US Dollar appreciates on the back of waning investor confidence. Advertisement
USD/CAD Rate Rebound Emerges Following Bullish Outside Day Formation
USD/CAD trades to a fresh weekly high (1.2685) after retracing the decline following the semi-annual testimony with Federal Reserve Chairman Jerome Powell, and the Canadian Dollar may face a larger correction during the first week of March as the rebound in the exchange rate coincides with the recent weakness in global equity prices.
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The stock market applauded Federal Reserve Chairman Jerome Powellâs testimony to Congress on Tuesday, rebounding on his assurance that an increase in interest rates is nowhere in sight. Powellâs message was well-grounded as well as reassuring â but thereâs no disguising the challenges that lie ahead for monetary policy.
Investors were concerned that the recent rise in bond yields and growing interest in the outlook for inflation would cause Powell to modify his previous commitment to extended monetary accommodation. He didnât waver. âThe economy is a long way from our employment and inflation goals,â he said. It will take âsome time for substantial further