The USD/CAD was virtually unchanged during the North American session and traded at around 1.3560 as buyers failed to crack the strong resistance seen at the 200-day moving average (DMA) at 1.3588.
USD/CAD stable despite strong US Dollar, buoyed by rising WTI oil prices supporting the Canadian Dollar. Hurricane Francine escalates oil prices; US producers evacuate Gulf Coast staff, reducing production. Growing speculation about a BoC rate cut due to increasing Canadian unemployment; upcoming US CPI data to influence Fed's decisions. The USD/CAD was virtually unchanged during the North American session and traded at around 1.
On the US front, investors are eyeing the release of the Consumer Price Index in August, which is expected to confirm that the Federal Reserve might begin to cut rates at the upcoming September 17-18 monetary policy meeting. USD/CAD Price Forecast: Technical outlook From a technical perspective, the major is set to continue the ongoing downtrend unless the USD/CAD climbs past the 200-DMA at 1.3588, which will expose the 1.3600 figure.
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