Daily Price Outlook

The USD/CAD pair has seen a slight uptick in the forex market, with a 0.15% increase over the past 24 hours, currently standing at 1.37209. In the 4-hour chart, the currency pair finds itself in a delicate equilibrium, with technical indicators providing a nuanced picture for traders.

At the forefront of this technical analysis is the pair's pivot point at 1.3736, which serves as a fulcrum for the day's price action. The loonie faces immediate resistance at 1.3818, with subsequent barriers at 1.3983 and 1.4065 that could cap upward movements. On the flip side, supports are layered at 1.3572, 1.3490, and further down at 1.3328, providing multiple levels for potential retracements.

The Relative Strength Index (RSI) sits at 46, slightly skewed towards bearish territory but not yet signaling oversold conditions that would typically precipitate a rebound. The MACD indicator's current reading shows a nascent bullish crossover, albeit with modest momentum, as the MACD line tiptoes above the signal line.

The 50-day Exponential Moving Average (EMA) at 1.3754 currently resides above the pair's price, suggesting short-term bearish pressure. However, this indicator is closely aligned with the current price, indicating that the sentiment could easily flip should the pair push higher.

Chart patterns do not present a clear directional bias at the moment, with candlestick formations suggesting a period of consolidation. No definitive chart pattern emerges from the current setup, indicating that traders may be awaiting further cues before committing to a direction.

In summary, the technical outlook for USD/CAD on November 7 is cautiously bearish below the 1.3750 mark, with a close above this level potentially altering the near-term sentiment to bullish.

USD/CAD - Trade Idea 

Entry Price – Sell Limit 1.37630

Take Profit – 1.36763

Stop Loss – 1.38063

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$867/ -$433

Profit & Loss Per Mini Lot = +$86/ -$43

Daily Price Outlook

The USD/CAD currency pair, as recorded on October 31, is exhibiting a hint of bullish sentiment. Currently trading at 1.38514, the pair has ascended by a modest 0.18% within the last 24 hours. On the technical front, the pivot point for this pair is delineated at $1.3805. Should the pair maintain its current bullish trajectory, traders should eye an immediate resistance at $1.3950, followed by subsequent resistances at $1.4024 and the more formidable $1.4168. However, if the pair retraces its steps, we might see it seek refuge at the immediate support of $1.3731, with additional cushions lying at $1.3583 and $1.3512.

The Relative Strength Index (RSI), a key barometer of momentum, is positioned at 60, indicating a bullish sentiment. This is further underscored by the Moving Average Convergence Divergence (MACD), wherein the MACD line marginally treads above its signal line, hinting at a potential upward momentum. Furthermore, the 50-Day Exponential Moving Average (EMA) stands at $1.3776, which, being below the current trading price, advocates a short-term bullish outlook.

An upward channel has been identified on the chart, serving as a harbinger for potential bullish momentum. Such patterns generally indicate that buyers have more control and that the asset is likely to continue its upward trajectory, at least in the short term.

To sum up this technical dissection, the USD/CAD is demonstrating bullish tendencies, particularly when trading above the pivotal $1.3800 mark. Given its current stance amidst the intricate web of resistance and support points, as well as the prevailing upward channel, it would not be audacious to forecast that the USD/CAD might soon aim to challenge the immediate resistance set at $1.3950.

USD/CAD - Trade Idea

Entry Price – Buy Limit 1.38234

Take Profit – 1.38798

Stop Loss – 1.37916

Risk to Reward – 1: 1.75

Profit & Loss Per Standard Lot = +$564/ -$318

Profit & Loss Per Micro Lot = +$56/ -$31

Daily Price Outlook

The USD/CAD currency pair had difficulty sustaining its upward momentum, as it attracted new sellers following an intraday increase to the mid-1.3800s. Subsequently, it dipped to a fresh daily low in the first half of the European session. Nonetheless, the prices managed to remain above the psychological level of 1.3800 and seem poised to continue the three-week-long uptrend.

However, the bearish sentiment can be attributed to the slight uptick in Crude Oil prices, which is bolstering the commodity-linked Canadian Dollar (Loonie). Additionally, the generally positive mood in the equity markets is driving the safe-haven US Dollar to a one-week low. Consequently, this is exerting downward pressure on the USD/CAD pair.

Federal Reserve Expected to Maintain Interest Rates Amid Strong US Economy

It's important to note that the Federal Reserve (Fed) is expected to announce its decision on Wednesday. They are likely to maintain the benchmark interest rate within the range of 5.25% to 5.50%, which is the highest it has reached in 22 years. This is due to the continued strength of the US economy and relatively persistent inflation. As a result, the Fed may keep the door open for one more rate increase in 2023. This more hawkish stance is anticipated to keep US Treasury bond yields elevated, consequently lending support to the US dollar and the USD/CAD currency pair.

Factors Influencing Crude Oil and USD/CAD Pair

Moreover, investors are worried about China's weakening economy, as it's the largest oil importer globally. This, coupled with concerns that the rising borrowing costs could reduce the demand for fuel, is preventing significant increases in Crude Oil prices. Additionally, last week, the Bank of Canada's Governor, Tiff Macklem, gave a signal that interest rates might not go up any further, which should help prevent significant drops in the USD/CAD pair.

As we look ahead, investors will be closely monitoring key US economic updates, specifically, the Chicago PMI and the Conference Board's Consumer Confidence Index during the early North American session. Furthermore, the demand for the US dollar, which is influenced by bond yields and oil prices, is expected to exert an influence on the USD/CAD pair.

USD/CAD - Technical Analysis

The USD/CAD currency pair, as recorded on October 31, is exhibiting a hint of bullish sentiment. Currently trading at 1.38514, the pair has ascended by a modest 0.18% within the last 24 hours. On the technical front, the pivot point for this pair is delineated at $1.3805. Should the pair maintain its current bullish trajectory, traders should eye an immediate resistance at $1.3950, followed by subsequent resistances at $1.4024 and the more formidable $1.4168. However, if the pair retraces its steps, we might see it seek refuge at the immediate support of $1.3731, with additional cushions lying at $1.3583 and $1.3512.

The Relative Strength Index (RSI), a key barometer of momentum, is positioned at 60, indicating a bullish sentiment. This is further underscored by the Moving Average Convergence Divergence (MACD), wherein the MACD line marginally treads above its signal line, hinting at a potential upward momentum. Furthermore, the 50-Day Exponential Moving Average (EMA) stands at $1.3776, which, being below the current trading price, advocates a short-term bullish outlook.

An upward channel has been identified on the chart, serving as a harbinger for potential bullish momentum. Such patterns generally indicate that buyers have more control and that the asset is likely to continue its upward trajectory, at least in the short term.

To sum up this technical dissection, the USD/CAD is demonstrating bullish tendencies, particularly when trading above the pivotal $1.3800 mark. Given its current stance amidst the intricate web of resistance and support points, as well as the prevailing upward channel, it would not be audacious to forecast that the USD/CAD might soon aim to challenge the immediate resistance set at $1.3950.

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Daily Price Outlook

On October 24, the USD/CAD trading pair showcases a nuanced narrative, offering traders and analysts alike a glimpse into its current performance and potential future movements. At a present value of 1.36793, the pair has seen a modest decline of 0.10% over the last 24 hours. A look at the 4-hour (4H) chart, a favored perspective among traders for its balance between short-term movements and overarching trends, yields some pivotal insights.

Central to our analysis, the Pivot Point stands at 1.3689. From this metric, the USD/CAD confronts a structured resistance: an immediate barrier at 1.3770, followed by resistances at 1.3822 and 1.3903. Conversely, in scenarios of bearish inclinations, immediate support can be found at 1.3634, trailed by 1.3553 and a further support at 1.3501.

The suite of technical indicators brings forth added clarity. With the RSI valued at 46, we're currently in a neutral zone. Traditionally, values over 70 are interpreted as overbought, while those below 30 indicate oversold conditions. The RSI's sub-50 position suggests a slight bearish sentiment in the market.

The MACD, a momentum-centric indicator, currently reads at -0.00062, juxtaposed against its Signal line at 0.00025. When the MACD line ventures above the signal line, it typically indicates upward momentum. However, in our present configuration, with the MACD line below the signal line, it suggests potential downward momentum.

The 50-Day Exponential Moving Average (EMA) is positioned at 1.3676. As the USD/CAD's price hovers slightly above this EMA, it suggests a tentative bullish short-term trend, although it's precariously close.

In terms of chart patterns, while the 4H chart remains dynamic, no dominant configurations, such as the Symmetrical Triangle or upward channels, have emerged at this juncture. Continuous vigilance is paramount to spot emergent patterns.

Conclusion:

In summation, the overarching sentiment for USD/CAD appears to be bearish, especially if levels dip below the 1.36890 mark. Short-term forecasts suggest the potential for the pair to approach and test the immediate resistance level of 1.3770 in the upcoming sessions. (edited)

USD/CAD - Trade Idea

Entry Price – Sell Limit 1.36905

Take Profit – 1.36198

Stop Loss – 1.37394

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$707/ -$489

Profit & Loss Per Micro Lot = +$70/ -$48

Daily Price Outlook

The USD/CAD currency pair continued its decline during European trading on Tuesday. This downward trend was primarily triggered by a correction in the US Dollar (USD), which had reached a one-month low. However, several factors might curb the extent of the USD's decline. Notably, the rise in US Treasury bond yields is among these factors. Additionally, the escalating tensions in the Middle East could provide some support for the USD. At present, the pair is trading at around 1.3674, marking a 0.12% decrease for the day.

US Interest Rate Hike Speculations and Insights from Federal Reserve Officials

It's worth noting that, according to the CME FedWatch Tool, the probability of an interest rate hike in the US in November is quite low. However, the odds of a rate increase in January 2024 remain above 30%. The Federal Open Market Committee (FOMC) is presently in a blackout period, meaning they are refraining from publicly discussing their intentions.

Atlanta Federal Reserve President Raphael Bostic has expressed his belief that the US central bank won't reduce interest rates before the middle of next year. Philadelphia Fed President Patrick Harker has consistently advocated for maintaining current interest rates. Conversely, Loretta Mester, the President of the Cleveland Fed, holds the view that the US central bank is either at or very close to the peak of the current cycle of interest rate increases. These remarks provide valuable insights into the direction of US monetary policy.

Bank of Canada Interest Rate Decision and Oil Prices

Conversely, investors are closely monitoring the Bank of Canada's upcoming decision regarding interest rates, scheduled for Wednesday. It's widely expected that the bank will maintain the interest rate at 5% for the remainder of this year, with a forecast of a rate cut in the second quarter of 2024.

On a different note, a potential decline in oil prices could exert downward pressure on the Canadian dollar, referred to as the Loonie. This is because Canada plays a significant role as a major oil supplier to the United States. Such a development could significantly impact the strength of the currency.

Upcoming Economic Indicators and Events to Monitor in the US and Canada

Looking forward, investors will keep their eyes on key economic indicators. These include the US S&P Global PMI and the Canadian New Housing Price Index for September, providing insights. Wednesday brings the Bank of Canada's interest rate decision and the pivotal US Q3 GDP estimate. On Friday, the US Core Personal Consumption Expenditure Index (PCE) will offer crucial information about inflation.

On October 24, the USD/CAD trading pair showcases a nuanced narrative, offering traders and analysts alike a glimpse into its current performance and potential future movements. At a present value of 1.36793, the pair has seen a modest decline of 0.10% over the last 24 hours. A look at the 4-hour (4H) chart, a favored perspective among traders for its balance between short-term movements and overarching trends, yields some pivotal insights.

The suite of technical indicators brings forth added clarity. With the RSI valued at 46, we're currently in a neutral zone. Traditionally, values over 70 are interpreted as overbought, while those below 30 indicate oversold conditions. The RSI's sub-50 position suggests a slight bearish sentiment in the market.

The MACD, a momentum-centric indicator, currently reads at -0.00062, juxtaposed against its Signal line at 0.00025. When the MACD line ventures above the signal line, it typically indicates upward momentum. However, in our present configuration, with the MACD line below the signal line, it suggests potential downward momentum.

The 50-Day Exponential Moving Average (EMA) is positioned at 1.3676. As the USD/CAD's price hovers slightly above this EMA, it suggests a tentative bullish short-term trend, although it's precariously close.

In terms of chart patterns, while the 4H chart remains dynamic, no dominant configurations, such as the Symmetrical Triangle or upward channels, have emerged at this juncture. Continuous vigilance is paramount to spot emergent patterns.

Conclusion:

In summation, the overarching sentiment for USD/CAD appears to be bearish, especially if levels dip below the 1.36890 mark. Short-term forecasts suggest the potential for the pair to approach and test the immediate resistance level of 1.3770 in the upcoming sessions. 

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Daily Price Outlook

Despite the lower-than-expected Canadian CPI, the USD/CAD pair failed to sustain its upward momentum, showing a bearish performance due to a weakening US dollar. The dollar was under pressure due to the dovish stance of the Federal Reserve. However, the dollar's losses may be short-lived, as overall market sentiment leans towards risk aversion, primarily due to escalating tensions in the Middle East. This sentiment could limit the US dollar's losses and, in turn, help the USD/CAD pair avoid deeper declines.

Investors are anticipating the release of Canada's inflation data and the United States' Retail Sales data for September. These upcoming data releases are likely to impact the trading dynamics within the USD/CAD pair.

Market Dynamics and Geopolitical Factors

During the European session, the S&P 500 futures recorded losses, signifying a decrease in risk appetite among market participants. The upward pressure on safe-haven assets is a result of mounting tensions in the Middle East. However, this tension is exacerbated by Israel's preparations for a ground offensive in Gaza against Hamas. Notably, the visit of US President Joe Biden to Israel takes center stage, with the primary objective being the safe evacuation of civilians amid the ongoing military actions by Palestinian groups.

The US Dollar Index (DXY) hovers around 106.60 as investors anticipate the Federal Reserve (Fed) will maintain interest rates on November 1. This expectation stems from Fed policymakers advocating for steady rates at 5.25-5.50%, given the persistence of multi-year high long-term bond yields, which are expected to constrain spending and investments.

Focus on Canadian Dollar: Inflation Data for September

Looking forward, investors are keeping a close eye on the coming inflation data for September. The headline Consumer Price Index (CPI) is expected to increase by 0.1% on a monthly basis, a drop from the previous 0.4% rise. The annual headline CPI, however, is anticipated to maintain a steady growth rate of 4%. Additionally, the core CPI figures are expected to show a consistent expansion, with a 0.1% increase monthly and a 3.3% increase on an annual basis.

Therefore, the lower-than-expected Canadian CPI may weaken the Canadian Dollar (CAD), potentially strengthening the USD/CAD pair as investors seek the stronger US dollar.

USD/CAD - Technical Analysis

The USD/CAD currency pair, as of October 17, has been recorded at 1.3631, marking an appreciation of 0.15%. This assessment, based on a 2-hour chart timeframe, reveals distinct price benchmarks that can guide traders. A pivot point for the pair is found at 1.3637.

On the upside, potential resistances are outlined at 1.3695, followed by more substantial barriers at 1.3745 and 1.3785. In contrast, the downside reveals immediate support at 1.3607, with successive support zones at 1.3581 and 1.3545.

Delving into technical indicators, the Relative Strength Index (RSI) has posted a value of 48. This slightly sub-midpoint value suggests a mild bearish sentiment, as RSI values below 50 tend to be indicative of bearish sentiment.

From the perspective of moving averages, the 50-Day Exponential Moving Average (EMA) is situated precisely at the pivot point of 1.3637. This means that the pair is hovering around this average, indicating a potential tipping point between short-term bullish and bearish trends.

No particular chart pattern has been highlighted for the session. However, its implications are paramount in deducing price movement tendencies.

In summation, the overarching trend for the USD/CAD pair seems to lean bearish if it goes below 1.3637, with the possibility of turning bullish if it crosses above. Given the existing market sentiment and technical configurations, traders should be on the lookout for possible challenges or confirmations of these levels in upcoming sessions.

Related News

Daily Price Outlook

The USD/CAD currency pair, as of October 17, has been recorded at 1.3631, marking an appreciation of 0.15%. This assessment, based on a 2-hour chart timeframe, reveals distinct price benchmarks that can guide traders. A pivot point for the pair is found at 1.3637.

On the upside, potential resistances are outlined at 1.3695, followed by more substantial barriers at 1.3745 and 1.3785. In contrast, the downside reveals immediate support at 1.3607, with successive support zones at 1.3581 and 1.3545.

Delving into technical indicators, the Relative Strength Index (RSI) has posted a value of 48. This slightly sub-midpoint value suggests a mild bearish sentiment, as RSI values below 50 tend to be indicative of bearish sentiment.

From the perspective of moving averages, the 50-Day Exponential Moving Average (EMA) is situated precisely at the pivot point of 1.3637. This means that the pair is hovering around this average, indicating a potential tipping point between short-term bullish and bearish trends.

No particular chart pattern has been highlighted for the session. However, its implications are paramount in deducing price movement tendencies.

In summation, the overarching trend for the USD/CAD pair seems to lean bearish if it goes below 1.3637, with the possibility of turning bullish if it crosses above. Given the existing market sentiment and technical configurations, traders should be on the lookout for possible challenges or confirmations of these levels in upcoming sessions.

USD/CAD - Trade Idea

Entry Price – Sell Limit 1.36372

Take Profit – 1.35781

Stop Loss – 1.36778

Risk to Reward – 1: 1.4

Profit & Loss Per Standard Lot = +$591/ -$406

Profit & Loss Per Micro Lot = +$59/ -$40

Daily Price Outlook

The USD/CAD pair has seen a decline of nearly 0.75% since the opening on Monday, with the current price at 1.3585. This movement reflects the dynamics of the US Dollar (USD) against the Canadian Dollar (CAD) and has implications for traders and investors.

Analyzing the 4-hour chart, the pivot point is at 1.3645, serving as a critical reference point. Immediate resistance levels include 1.3557, followed by 1.3500 and 1.3421. These levels represent significant barriers that may influence price action. On the support side, immediate levels are at 1.3698, with subsequent support at 1.3789 and 1.3852, indicating potential areas for reversals or continuations.

Examining technical indicators, the Relative Strength Index (RSI) registers at 34, suggesting a relatively bearish sentiment in the market. The 50-Day Exponential Moving Average (50 EMA) stands at 1.3630, indicating that the price is currently below this level, aligning with a short-term bearish trend.

One notable chart pattern is the bearish sentiment below the pivot point at 1.3645. Traders should also pay attention to the 1.3556 level, which represents the 61.8% Fibonacci retracement level. This level can act as a critical support or resistance point, depending on the price movement.

In conclusion, the overall trend for USD/CAD appears bearish, especially below the pivot point at 1.3645. Traders should closely monitor this key level for potential trading opportunities in the coming days. The short-term forecast suggests the possibility of testing the resistance at 1.3557 and beyond.

USD/CAD - Trade Idea

Entry Price – Sell Limit 1.3645

Take Profit – 1.3499

Stop Loss – 1.3714

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$1341/ -$826

Profit & Loss Per Micro Lot = +$134/ -$82

Daily Price Outlook

During the early European session on Tuesday, the USD/CAD currency pair continued its losing streak for the fourth day, trading lower at around 1.3570. However, the reason for its bearish rally could be linked to the combination of factors. First, the price of oil has been going up a lot, and that is causing problems for the USD/CAD pair. However, the increase in oil prices could be attributed to the ongoing conflict in the Gaza Strip. The ongoing issues in the Middle East are making oil prices go up because people are worried about what's happening there. Since the Canadian Dollar (CAD) is closely linked to oil prices, it's getting stronger and contributing to the losses in the USD/CAD pair.

Geopolitical Tensions Boost Oil Prices and Strengthen the Canadian Dollar

Despite a Thanksgiving holiday in Canada, the ongoing global tensions are still having a major impact. These tensions are causing Crude Oil prices to go up, mainly because people are worried about what's happening in the Middle East. This, in turn, is making the Canadian Dollar (CAD) stronger because it is closely connected to oil prices. On Monday, the price of Western Texas Intermediate (WTI) oil shot up to $86.01 per barrel, which was the biggest increase in six months. However, by Tuesday, it had come down a bit to $84.70.

US Dollar Weakening Despite Positive Job Data and Lower Bond Yields

The broad-based US dollar failed to maintained its strong gaining streak and lost some of its ground despite some positive US job data released on Friday. However, this lack of a strong dollar can be linked to a drop in US Treasury yields on Monday, especially the 10-year US Treasury bond yield, which was at 4.64% at the moment.

Furthermore, comments from Federal Reserve (Fed) officials overnight made investors less confident about the likelihood of more interest rate hikes, which led to even lower US bond yields. As a result, this situation is seen as weakening the US dollar and creating headwinds for the USD/CAD currency pair.

Dallas Fed President Lori Logan suggested there might not be a need to raise interest rates, and Fed Vice Chair Philip Jefferson emphasized the importance of caution in making any more rate increases. The US Dollar Index (DXY) has been losing value for the fifth day in a row, and it's now trading around 106.00 at the moment.

Market Sentiment Shifts Amidst Geopolitical Tensions

Despite the tensions between Hamas and Israel, the overall mood in the financial markets has turned positive. This change has lessened the appeal of the US dollar as a safe-haven currency, which has put pressure on the USD/CAD pair.

Investors will be keeping a close eye on the upcoming release of the FOMC meeting minutes scheduled for Wednesday. People are curious about how this will affect expectations regarding the Federal Reserve's next moves, which could impact the demand for the US dollar.

Traders will also be watching the US Core Producer Price Index (PPI) on Wednesday and the Consumer Price Index (CPI) on Thursday. These events are important for understanding inflation trends and the US economy.

USD/CAD - Technical Analysis

The USD/CAD pair has seen a decline of nearly 0.75% since the opening on Monday, with the current price at 1.3585. This movement reflects the dynamics of the US Dollar (USD) against the Canadian Dollar (CAD) and has implications for traders and investors.

Analyzing the 4-hour chart, the pivot point is at 1.3645, serving as a critical reference point. Immediate resistance levels include 1.3557, followed by 1.3500 and 1.3421. These levels represent significant barriers that may influence price action. On the support side, immediate levels are at 1.3698, with subsequent support at 1.3789 and 1.3852, indicating potential areas for reversals or continuations.

Examining technical indicators, the Relative Strength Index (RSI) registers at 34, suggesting a relatively bearish sentiment in the market. The 50-Day Exponential Moving Average (50 EMA) stands at 1.3630, indicating that the price is currently below this level, aligning with a short-term bearish trend.

One notable chart pattern is the bearish sentiment below the pivot point at 1.3645. Traders should also pay attention to the 1.3556 level, which represents the 61.8% Fibonacci retracement level. This level can act as a critical support or resistance point, depending on the price movement.

In conclusion, the overall trend for USD/CAD appears bearish, especially below the pivot point at 1.3645. Traders should closely monitor this key level for potential trading opportunities in the coming days. The short-term forecast suggests the possibility of testing the resistance at 1.3557 and beyond.

Related News:

Daily Price Outlook

During the early European trading session, the USD/CAD pair continued its upward momentum, marking the third consecutive day of gains. It surged to its highest level since late March, driven by several key factors. Firstly, the Canadian dollar, often referred to as the Loonie, faced increasing pressure due to the declining oil prices, which pushed the USD/CAD pair higher. Another factor boosted the currency pair is the Federal Reserve's adoption of a more hawkish stance, which underpinned the US dollar and contributed to the USD/CAD pair gains.

Strength of the US Dollar and Its Impact on USD/CAD

The US dollar has been getting stronger lately, reaching a 10-month high. This is mainly because people believe that the Federal Reserve (Fed) will continue to be strict with its monetary policy. The US is also seeing strong economic data, which supports this belief. Cleveland Fed President Loretta Mester's comments have added to this, suggesting that the Fed will keep interest rates high for a while. As a result, the yields on the 10-year US government bonds are at their highest in 16 years. Additionally, with the market feeling cautious, investors are choosing the safe US dollar, which is helping the USD/CAD pair go up.

Challenges for the Canadian Dollar (CAD)

The Canadian Dollar (CAD) is facing challenges as people believe the Bank of Canada (BoC) won't raise interest rates anymore. This belief grew stronger when Canada's economy didn't grow in July, with manufacturing seeing its biggest drop in over two years. In June, the economy even shrank by 0.2%. This suggests the BoC might keep interest rates steady despite rising prices. In the meantime, the falling oil prices for four consecutive days are undermining the CAD and contributing the USD/CAD gains.

USD/CAD - Technical Analysis

The USD/CAD pair exhibited notable strength in its previous session, successfully exceeding our initial target of 1.3585 and advancing to our secondary objective at 1.3680. The currency pair has begun today's trading with a further ascent, breaking past this level, thereby reinforcing its dominant bullish trajectory for both intraday and short-term perspectives, paving the way towards a potential target of 1.3805.

Given the current dynamics, the bullish outlook remains robust and is further endorsed by the EMA50. However, it's crucial to mention that if the pair fails to maintain its position above 1.3680, it could reverse into a bearish correction.

Today, the anticipated trading bracket for USD/CAD is delineated between a support level of 1.3640 and a resistance threshold of 1.3780.