USD/CAD trades steadily near 1.40 – BBH

FXStreetOct 23, 2025 10:27 AM

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USD/CAD holds flat near 1.40 as traders eye potential catalysts from a US-Canada trade deal and next month’s pro-growth Canadian budget, BBH FX analysts report.

Canada retail sales unlikely to move markets

"USD/CAD is directionless around 1.4000 with technical support offered at 1.3961 (200-day moving average) and resistance at 1.4080 (October 14 high). Canada August retail sales print is unlikely to generate much financial market volatility (1:30pm London, 8:30am New York)."

"Statistics Canada advance estimate indicates retail sales increased 1.0% m/m vs. -0.8% in July. In our view, USD/CAD risks are skewed to the downside because of a possible US-Canada trade deal next week and a pro-growth Canadian budget on November 4."

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