1.387
Today
-0.17%
5 Days
-0.36%
1 Month
-1.03%
6 Months
+1.28%
Year to Date
+1.07%
1 Year
+0.49%
Opening Price
1.389Previous Closing Price
1.389The US Dollar (USD) resumes its broader bearish trend with the Canadian Dollar (CAD) drawing support from higher Oil prices and a deal with the US to pause 50% tariffs on Canadian exports.
Michael Pfister at Commerzbank reports that new 50% US tariffs on selected Canadian goods have been delayed by three days as an agreement is reportedly close, prompting only a modest Canadian Dollar (CAD) rebound amid uncertainty over the deal’s durability.
The USD/CAD pair meets with fresh supply during the Asian session on Wednesday and, for now, seems to have stalled its recovery from the lowest level since June 3, touched earlier this week.
Following overnight negotiations with Canadian Prime Minister Mark Carney, US President Donald Trump announced on Wednesday, “I have paused 50% tariffs against Canada for a three-day period.”
The USD/CAD pair struggles to capitalize on this week's modest recovery from its lowest level since June 3 and oscillates in a range around the 1.3900 mark during the Asian session on Wednesday.
Scotiabank strategists Shaun Osborne and Eric Theoret report USD/CAD trading near equilibrium around 1.3870, with Canadian Dollar (CAD) fundamentals supported by narrower front-end spreads and firm crude prices. They see investors relatively unconcerned by looming US tariff deadlines.
The Indicators feature provides value and direction analysis for various instruments under a selection of technical indicators, together with a technical summary.
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Under pressure below 1.3917, with 1.3848 and 1.3835 as targets
above 1.3917, look for 1.3939 and 1.3951.
Under pressure below 1.3917, with 1.3848 and 1.3835 as targets
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