CAD – USD/CAD Weakness Extends, Testing 1.40 Level

The USD/CAD pair had been holding in a high range for several days, consistently capped by 1.4250, failing to extend its upward momentum. Conversely, it found support around 1.4150, but broke below this level on Tuesday, suggesting a potential correction in the USD/CAD pair. Based on Fibonacci retracement levels, the 23.6% and 38.2% Fibonacci retracement levels are at 1.4080 and 1.3980, respectively, while the 50% and 61.8% retracement levels are at 1.39 and 1.3810. Resistance is expected at 1.4250 to 1.43, with the next level at 1.4420 to 1.46.

Forecasted Trading Range:
Resistance: 1.4150 - 1.4250 – 1.4300 – 1.4420 - 1.4600
Support: 1.4080 – 1.3980 – 1.3900 – 1.3810

This Week's News Highlights:
July 20: The US announces a 50% tariff on some Canadian products.

Focus:
Thursday: Canadian May Retail Sales (20:30)
 

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