USD/CAD bounces up and nears 1.3800 amid mixed messages on Iran
USD/CAD gains ground above 1.3700 while outlook remains uncertain amid Iran optimism
Having bullied through a gigantic rebound since February, the Greenback had been invincible. Petrodollar trades and higher-for-longer US rates tend to largely support the global reserve currency.
EUR/USD, GBP/USD, and USD/CAD Technical Analysis: The US Dollar gives up its 11-month highs, losing roughly 2% against a basket of major currencies as geopolitical de-escalation dampens safe-haven demand. As the DXY hits a major roadblock at the 98.00 support level, shifting political winds and ceasefire hopes are setting up massive opportunities in the currency markets.
USD/CAD consolidates below 1.3800 amid hopes of a US-Iran deal
USD/CAD slides below 1.3800 as Crude Oil surge and soft Greenback lift the Loonie
USD/CAD trims losses as geopolitics overshadow US CPI and Canadian jobs data
USD/CAD and EUR/CAD update: Canadian employment data delivers a steady +14.1K jobs and a lower 6.7% unemployment rate, but a hot 4.7% year-over-year wage growth keeps hawkish Bank of Canada bets alive. Meanwhile, the Loonie navigates a shifting global landscape as a sudden US-Iran ceasefire triggers a 15% plunge in WTI prices.
USD/CAD Price Forecast: Snaps four-day losing streak after attracting bids near 20-day EMA
USD/CAD is slipping after stalling above 1.3850, with the 200-day EMA and 1.3750 now acting as the key downside support zone.
Intraday bias in USD/CAD stays neutral at this point. Consolidations from 1.3965 could extend.
Key US inflation and Canadian unemployment data land at the exact same moment later Friday, with USD/CAD straddling the 200DMA beforehand. With the bull trend from early March broken earlier this week, the longevity of this pullback may well be determined by which way the pair deviates from the level in the immediate aftermath, although how US-Iran peace negotiations unfold over the weekend looms as the key swing factor that may ultimately confirm or override the initial reaction.