<\/p>\n
\n Share:<\/span><\/p>\n The USD\/CAD pair is juggling in a narrow range below the round-level resistance of 1.3600 in the early Tokyo session. The Loonie asset is expected to display a power-packed action as investors would remain highly active after an extended weekend.<\/p>\n As US debt-ceiling raise proposal is finally going to Congress for approval before June 05, investors would shift their focus towards United States Employment-linked economic indicators<\/a>, After Wednesday’s JOLTS Job Openings data, investors will focus on Thursday’s Automatic Data Processing (ADP) Employment Change and finally on Friday’s Nonfarm Payrolls (NFP) data.<\/p>\n The Canadian Dollar is expected to remain on the tenterhooks amid the release of the Q1 Gross Domestic Product (GDP) data, which will release on Wednesday.<\/p>\n Meanwhile, the US Dollar Index (DXY) has dropped after facing stiff barricades around 104.30.<\/p>\n USD\/CAD is hovering near the neckline of the Head and Shoulders charts<\/a> The pattern is formed on an hourly scale, which is plotted around 1.3584. A slippage below the neckline support would result in a sheer breakdown. The 20-period Exponential Moving Average (EMA) at 1.3596 is acting as a barricade for the US Dollar<\/a> bulls.<\/p>\n Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in the 40.00-60.00 range. A downside momentum will get triggered after a breakdown below 40.00.<\/p>\n Going forward, a break below May 29 low at 1.3584 will drag the asset towards May 23 high at 1.3550. A breakdown below the latter would expose the Loonie asset to psychological support at 1.3500.<\/p>\n On the contrary, a fresh buy would come above May 26 high at 1.3655, which would drive the asset towards the round-level resistance at 1.3700 followed by March 27 high at 1.3745.<\/p>\n\n
USD\/CAD hourly chart<\/h2>\n