The Canadian Dollar reverses recent gains as the US Dollar strengthens amid hawkish Fed signals and resilient US data. Renewed risk aversion and oil price uncertainty weigh on CAD, while USD/CAD tests resistance near 1.3720 amid shifting global sentiment. #Forex #USDCAD
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USD/CAD saw a sharp drop to key support near 1.3610 before buyers stepped back in, pushing prices toward 1.3680-1.3700 resistance. With mixed momentum signals and easing US inflation fueling rate cut bets, traders face a tense tug-of-war. What moves next will hinge on US dollar strength and Canadian economic cues.
An in-depth Elliott Wave analysis of USD/CAD reveals the current pattern remains incomplete, pointing to further upside potential. Wave 3, typically the strongest impulse, is still unfolding across weekly, daily, and H4 charts. This expanded view, adapted from Daud Bhatti’s article on ActionForex.com, highlights a bullish outlook ahead.
USD/CAD faces renewed selling pressure below 1.4000 amid heightened risk-off sentiment and volatile commodity markets. Hawkish Fed cues bolster the USD, but firm crude prices and a cautious BoC limit gains. Market eyes upcoming data and central bank signals for direction.
USD/CAD remains range-bound between 1.3610 and 1.3740 after a minor pullback from 1.3794, signaling consolidation within a broader uptrend. Key supports near 1.3610–1.3640, rising trendline support intact since December, and bullish 50/200-day MA alignment reinforce medium-term bullish bias. RSI near 50 and flattening MACD suggest momentum pause but no reversal yet. A daily close above 1.3794 could open the path toward 1.3897 and 1.4000. Traders should watch Fibonacci 38.2% retracement near 1.3550 for potential buy zones amid mixed technical signals. #ForexAnalysis #USDCAD
USD/CAD is pushing toward 1.4000 amid retreating oil prices and fading expectations for early Fed rate cuts. Falling crude weighs on the loonie, while persistent U.S. inflation and Fed hawkishness support the dollar. Diverging central bank paths add to upside momentum.
USD/CAD has slipped below the key 61.8% Fibonacci retracement level near 1.3640, signaling a shift toward bearish momentum. The pair now tests support around 1.3612, putting focus on further downside targets amid mixed U.S. and Canadian economic data. Traders should watch for follow-through below April’s lows and key moving averages to gauge next moves. #Forex #USDCAD #TechnicalAnalysis
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USD/CAD has slid lower, breaking key support around 1.3675, pressured by rising crude oil prices and mixed US economic signals. Watch critical technical levels near 1.3614 (100-day MA) and 1.3585 (Fib retracement) for potential support as traders reassess Fed policy and commodity trends.
