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The Canadian Dollar (CAD) remains on the back foot against the US Dollar (USD) on Monday, with USD/CAD extending its advance for a fourth consecutive day as the Greenback steadies following its recent weakness. At the time of writing, the pair is trading around 1.3628.
💡 DMK Insight
The CAD’s struggle against the USD is a signal for traders to reassess their positions. With USD/CAD trading around 1.3628 and extending its gains for four days, this trend indicates a potential shift in market sentiment. The recent steadiness of the Greenback suggests that traders might be underestimating the dollar’s resilience, especially as economic indicators from the U.S. show signs of strength. This could lead to further upside for the USD if the trend continues, making it crucial for traders to monitor key resistance levels around 1.3650. On the flip side, if the CAD manages to regain some ground, it could present a buying opportunity for those looking to capitalize on a potential reversal. Keep an eye on upcoming economic data releases that could impact both currencies, as volatility could spike in response to new information. For now, the immediate focus should be on whether USD/CAD can break past 1.3650, which would confirm bullish momentum, while a drop below 1.3600 could signal a shift back towards CAD strength.
📮 Takeaway
Watch USD/CAD closely; a break above 1.3650 could signal further dollar strength, while a drop below 1.3600 may indicate a CAD recovery.
