Dip Below 1.4450 Presents Buying Opportunity
I anticipated the pair holding above 1.4450, but the recent dip below this level presents a renewed buying opportunity in my view. While this move might seem like a sign of reversal, I believe the US dollar's underlying strength, coupled with the contrasting monetary policies of the Federal Reserve (FED) and the Bank of Canada (BoC), suggest otherwise. Furthermore, the ongoing uncertainty surrounding potential tariffs, particularly those involving the US, puts additional pressure on the Canadian economy, which is already facing challenges on both the economic and political fronts. Therefore, I maintain a short-term bullish outlook for USDCAD, both technically and fundamentally, with a stop in the 1.440 - 1.435 zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.