Recent trading sessions have not been entirely favorable for the Canadian dollar. Over the last five sessions, USD/CAD has gained more than 0.5% in favor of the US dollar, reflecting a buying bias that is now approaching key short-term barrier zones.
Mid-Week update for North-American Markets – Markets are now officially prepared for a real peace process. Taking a close look at NA index and currency performance combined with a USD/CAD intraday chart to spot what's next for American Markets.
USD/CAD Price Forecast: Holds gains above 1.3800 as Oil prices weigh on Loonie
The American currency gains ground as demand for safe-haven assets increased.
Canadian Dollar gains support from rising Oil prices as USD/CAD trims intraday gains
US dollar remains noisy on Tuesday again, as traders are trying to sort out what is going on in the Middle East.
An end to the Iran war appears to be getting closer, helping spark a sharp reversal in crude prices as markets grew more optimistic about the eventual reopening of the Strait of Hormuz. Iranian officials were in Doha on Monday for talks with Qatar's prime minister as negotiations continued over a potential framework agreement with the US.
USD/CAD Price Forecast: Bullish setup holds, backing case for further gains
Intraday analysis covering USDCAD, EURGBP, and US 30 continues uptrend, focusing on short-term price action, key support and resistance levels, and intraday market momentum across major instruments. USDCAD hits multi-week highs The pair gained further momentum as the recent strength in the dollar continued to dominate across the board.
USD/CAD's rebound from 1.3549 extended higher last week. The rise is seen as the third leg of the pattern from 1.3480.
The US Dollar to Canadian Dollar (USD/CAD) exchange rate strengthened to 1.3789, extending this month's recovery after softer-than-expected Canadian inflation data dampened expectations for further Bank of Canada tightening. Scotiabank notes that the Canadian Dollar has underperformed recently as front-end yields and rate spreads.
USD/CAD is attempting to stabilize above a major breakout zone after pushing through key resistance late last week. The move marks an important shift in the near-term technical structure, with the weekly opening range now forming just above former resistance turned support.