Over the past two weeks, the US dollar has gained ground against the Canadian dollar, pushing USD/CAD to trade near 1.374 as of this writing. It doesn't make sense on the surface.
USD/CAD Price Forecast: Jumps to almost a fresh two-month high near 1.3760
The US Dollar to Canadian Dollar (USD/CAD) exchange rate failed to hold above 1.37 last week and is currently trading near 1.3686 as resistance in the mid-1.37 area continues to cap gains. Scotiabank considers that rising energy prices are helping to limit Canadian dollar losses despite broader US dollar strength.
The US dollar is all over the place during the trading session on Monday.
USD/CAD flat after Trump delays Iran strikes, easing Dollar demand
USD/CAD Price Forecast: Tests 1.3700 support near moving averages
I warned about chasing overbought markets at fresh highs last Friday, and that was the mirror image of the argument from late January when we had the USD at its most oversold in years.
USD/CAD rebounds as weak Canadian Retail Sales and firmer USD weigh on Loonie
The USD rose again on Friday in early trading, as interest rates and safety take center stage for most traders.
USDCAD: Range holds as CAD outperforms – Scotiabank
USD/CAD remains near the top of its range, with 1.3750 as the key breakout level and 1.39 the next upside target if dollar strength continues.
USD/CAD Price Forecast: Softens below 1.3750, 100-day EMA caps its upside