💲USDCAD surges over 1.0%

USD strengthened on Monday, benefiting from its safe haven status, as sentiment turned sour following a batch of disappointing data from China. Dollar erased has almost completely erased its post-CPI drop as investors digested recent data and some still expect aggressive tightening from Fed. The biggest movement can be seen in the USDCAD pair, which broke above 1.29 level and 200 SMA (red line). If current sentiment prevails, the next target for buyers is located around 1.2945. On the other hand, should sellers regain control, another downward move towards support at 1.2820 may be launched.

USDCAD, H4 interval. Source: xStation5