US Dollar Rebound Interrupted Following Hawkish BoC

Following the three-month retracement slide, demand at 1.1857-1.1352 sparked a bullish revival in April, up 2.6 percent MTD. The possibility of fresh 2021 peaks is on the table, followed by a test of ascending resistance (prior support – 1.1641). Spinning lower, on the other hand, shines the technical spotlight on trendline resistance-turned support, taken from the high 1.6038. Based on trend studies, the primary uptrend has been underway since price broke the 1.1714 high (Aug 2015) in July 2017. Daily timeframe: Partly modified from previous analysis. Buyers and sellers continue to square off around the lower side … (full story)

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