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The USD/CAD pair trades marginally lower to near 1.3735 during the European trading session on Monday. The Loonie pair faces selling pressure as the US Dollar (USD) turns upside down due to hopes that the United States (US) and Iran will break the deadlock and reach a deal soon.
💡 DMK Insight
The USD/CAD pair’s dip to around 1.3735 signals shifting market sentiment amid geopolitical developments. With the US Dollar gaining traction on optimism regarding a potential US-Iran deal, traders should be cautious. A stronger USD typically pressures the Loonie, especially given Canada’s reliance on oil exports. If oil prices react negatively to this news, we could see further weakness in the CAD. Watch for resistance around 1.3750; a break above could indicate a bullish reversal for the USD/CAD. Conversely, if the pair holds below 1.3700, it might suggest a deeper correction. Keep an eye on the broader economic indicators, especially any shifts in oil prices or US economic data releases, as these could influence the USD/CAD dynamics significantly in the coming days.
📮 Takeaway
Monitor the USD/CAD pair closely; a break above 1.3750 could signal a bullish trend, while holding below 1.3700 may indicate further downside.
