1.379
Today
+0.20%
5 Days
-0.56%
1 Month
-2.07%
6 Months
+0.70%
Year to Date
+0.49%
1 Year
-0.16%
Opening Price
1.381Previous Closing Price
1.376The USD/CAD pair struggles to capitalize on a bullish gap opening on Monday, though it retains an intraday positive bias amid concerns about a deepening US-Canada trade war.
The United States (US) imposed 50% tariffs on some Canadian products on Saturday after trade talks between the two countries fell apart on Friday. In response, Canadian Prime Minister Mark Carney said that the country would impose its own retaliatory tariffs beginning on September 8, CNBC reported.
Scotiabank strategists Shaun Osborne and Eric Theoret note that the Canadian Dollar (CAD) continues to show strength against the US Dollar (USD).
USD/CAD extends its decline on Friday as broad US Dollar (USD) weakness and elevated Oil prices provide a double boost to the Canadian Dollar (CAD). At the time of writing, the pair trades around 1.3745, while the Loonie is on track for a fourth consecutive weekly gain.
TD Securities strategists argue that Section 338 tariff negotiations pose a binary risk for the Canadian Dollar (CAD) and USD/CAD.
The USD/CAD pair remains under some selling pressure for the third consecutive day and trades near a three-month low, just above mid-1.3700s during the first half of the European session on Friday.
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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The upside prevails as long as 1.3774 is support, with 1.3822 and 1.3836 as targets
below 1.3774, expect 1.3751 and 1.3737.
The upside prevails as long as 1.3774 is support, with 1.3822 and 1.3836 as targets
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