USD/CAD is grinding higher into 1.38 resistance, with weak oil and modest yield support for USD, while 1.36 remains the key downside floor ahead of jobs data.
Technical Analysis
USD/CAD refers to the US Dollar/Canadian Dollar currency pair and it shows how many CAD can be purchased for one USD....
Informally, the CAD is known as the Loonie, because of the loon bird which appears on one side of the Canadian $1 coin. USD/CAD is one of the most liquid, commonly traded major currency pairs, which means narrow spreads for traders. There are a variety of factors influencing the value of USD/CAD. One of the most significant of these is that the CAD is a commodity currency, meaning that its value is closely correlated to the value of a heavily traded commodity. The Canadian economy is strongly reliant on crude oil exports, so the currency will be impacted by oil prices and export capacity. In addition, the value of both currencies in the USD/CAD pair are influenced by the interest rate differential between the American Federal Reserve and the Bank of Canada. For example, an intervention by the Fed that strengthened the US dollar would weaken the Canadian dollar since more CAD would be required to buy a single USD dollar. It is also important to note that the Canadian dollar is one of the five major reserve currencies, meaning that many central banks and other leading financial institutions hold large amounts of CAD to use for international transactions as a way to minimize exposure to exchange rate risks.
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The US dollar initially shot higher against the Canadian dollar on Monday, as the US military actions in Venezuela have caused some jitters.
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My suspicion is we will grind higher, but the speed of it will test your patience in this pair.
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The US dollar has risen against the Canadian dollar again on Tuesday in what looks like it's going to end up being a bit of a turnaround
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The US dollar has rallied against the Canadian dollar on Monday in what is probably best described as a bit of an oversold condition. If we recover, we will see the US dollar rally against many other currencies at the same time.
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The US dollar weakens against the Canadian dollar as holiday liquidity fades, with USD/CAD testing long-term support near 1.3550.
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The Canadian dollar extends gains as USD/CAD breaks key support, with downside risk toward 1.3550 while broader US dollar weakness remains the main driver.
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USD/CAD remains range-bound near 1.3750 as holiday conditions, shrinking rate differentials, and low liquidity favor short-term consolidation.
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USD/CAD remains volatile near 1.38, with soft CPI weighing short term but broader structure still supporting an eventual move higher.
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USD/CAD rebounds from key support at 1.3750, with broader dollar momentum and Fed outlook driving potential moves toward or away from the 1.38–1.40 zone.
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USD/CAD continues to probe the 1.3750 zone for support, with the market awaiting a decisive move either higher toward 1.3825 or lower to 1.3575, amid characteristic volatility and flow-driven behavior.
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USD/CAD remains choppy ahead of the FOMC and Bank of Canada meetings, with traders eyeing Powell’s tone for clues on future rate cuts.
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USD/CAD holds quiet ahead of the FOMC decision, trading below the 200-day EMA while testing support from a prior downtrend line. Market direction hinges on the Fed’s tone, with key levels between 1.35 and 1.4250 watched for potential movement.
Technical Analysis
USD/CAD tests key support as traders assess Fed policy direction. A bounce hints at recovery, but upcoming FOMC guidance will decide whether the pair breaks down or rallies.
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USD/CAD dropped sharply after Canada’s employment data far exceeded expectations, though long-term volatility and key technical levels suggest a possible pullback toward 1.3750 before any reversal.
Technical Analysis