The USD/CAD pair is hovering near key technical levels as traders brace for Canadian employment data, with 1.39 resistance and 1.3550 support defining the next breakout path.
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 USD/CAD pair extends its rally as US dollar momentum strengthens ahead of the US jobs report, while Canadian trade headwinds mount.
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The US dollar strengthened against the Canadian dollar following the Bank of Canada's rate hold, with traders now focused on the FOMC press conference for next steps.
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The US dollar surged against the Canadian dollar on Tuesday, with markets eyeing the Fed and BoC decisions, and technical levels around 1.38 as key breakout points.
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The US dollar touched the 50-day EMA against the Canadian dollar on Monday, with traders bracing for sharp moves on Wednesday’s critical rate decisions from both central banks.
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The USD/CAD pair remains volatile as dollar weakness pressures support at 1.3550, with key levels at 1.38 and 1.3350 likely to dictate the next directional move.
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The US dollar softened against the Canadian dollar on Monday, staying within a well-defined 1.3550–1.3800 range amid light summer volume and stalled trade talks.
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The US dollar is attempting a breakout against the Canadian dollar, supported by a double bottom at 1.3550 and resistance at 1.38, with a 1.39 target in view.
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The US dollar gained ground against the Canadian dollar on Thursday, breaching the 50-Day EMA and threatening a breakout above the key 1.38 resistance level.
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The US dollar tested strong resistance at 1.3750 against the Canadian dollar amid Powell firing rumors, with bulls eyeing a breakout toward 1.39.
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USD/CAD pulled back after testing the 50-day EMA near 1.38, with support at 1.3550–1.35 now critical as tariff concerns and broader USD sentiment take center stage.
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USD/CAD may be forming a double bottom at 1.3550, with a breakout above 1.3750 potentially fueling a rally toward 1.3920 amid favorable US rate differentials.
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USD/CAD rallied strongly on Wednesday, with technical focus on a potential double bottom near 1.3550 and bullish momentum targeting a break above 1.3760.
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The US dollar bounced against the Canadian dollar in thin holiday trading, forming a potential double bottom at 1.3550 with focus on interest rate and EMA resistance.
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After an initial rally, the US dollar fell sharply against the Canadian dollar on Thursday, with focus shifting to the 1.35–1.34 range amid Fed speculation.
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