USD/CAD Rises to 1.3695, Gears Up for Rally Above 1.3700 Resistance

USD/CAD trades 0.12% higher near 1.3695 on May 12, above the 20-day EMA at 1.3680 with RSI at 51, positioning for a potential breakout above 1.3709 resistance ahead of US CPI data. Following BoC's April 29 rate hold at 2.25% and crude above $114/bbl, the pair plunged to 1.3550 before rebounding from 1.3620-1.3631 support on May 6-7, reclaiming the 200-hour MA at 1.3627. It rallied to a one-week high of 1.3710 on May 8 after mixed jobs data but reversed at the 38.2% Fibonacci and 100-day EMA cluster near 1.3708-1.3715, leading to neutral consolidation around 1.3675 with balanced bias above 1.3618 support.