<ul><li>If US will conduct nuclear tests, we will do the same</li><li>We do not withdraw from the treaty, but are suspending our participation in it</li></ul><p style=““ class=“text-align-justify“>For some context, the strategic offensive arms treaty served to limit both Russia and the US‘ nuclear arsenals. This has been in force since 2011, or at least that is the case by name and on paper.</p>

This article was written by Justin Low at www.forexlive.com.

<p>On the daily chart below, we can
see that the price failed to break the <a target=“_blank“ href=“https://www.forexlive.com/Education/chart-patterns-guide-20220125/“>triangle</a> last week. The price found
sellers at the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-trendlines-20220406/“>trendline</a> and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>resistance</a> at 1.3520. USD/CAD is one of the
ugliest major pairs in terms of price action as it’s been ranging for a long
time now. This is a signal of uncertainty and strength of both currencies. </p><p>The USD is supported by a
repricing higher in interest rates expectations and the CAD has been doing good
thanks also to high oil prices. Buyers will need a clear breakout to the upside
to start piling in and target the top of the triangle at 1.3950. On the other
hand, sellers will need a breakout to the downside to target lower lows.</p><p>On the 4 hour chart below, we can
see more closely the rangebound price action that’s been going on for over a
month now. We have the tight range between the resistance at 1.3450 and the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-support-and-resistance-20220405/“>support</a> at 1.3350 with the high at
1.3520 and the low at 1.3265. </p><p>If the price falls back into the
range, then we should expect a further fall to the support at 1.3350. As of
now, the resistance of the range at 1.3450 turned support and may be the area
where buyers will pile in to retry another breakout of the triangle. </p><p>On the 1 hour chart below, we can
see that after bouncing from the resistance turned support at 1.3450, the <a target=“_blank“ href=“https://www.forexlive.com/Education/technical-analysis-understanding-moving-averages-20220425/“>moving
averages</a> switched to a bullish bias. This signals that the buyers are in control
for now and they should fold only if the moving averages turn bearish and the
price falls back into the range. </p><p>We have <a target=“_blank“ href=“https://www.forexlive.com/EconomicCalendar“>US PMIs today</a> and given that good news is bad
news now for risk sentiment, we may see the USD being bid in case the PMIs
surprise to the upside. Anyway, the breakouts of the key technical levels
mentioned previously will give the direction.</p>

This article was written by ForexLive at www.forexlive.com.