Loonie

USD/CAD bears have come on quickly but for the past three weeks have largely stalled at support of 1.3846.

Over the past two trading sessions, the USD/CAD pair has posted a slight gain of 0.5% in favor of the U.S. dollar, although the overall bias remains bearish due to the greenback’s continued weakness in recent weeks.

U.S. Dollar bulls failed to drive a pullback and USD/CAD remains heavy after the pair reverted into its long-term range.

USD/CAD is working on its largest sell-off in more than four years and the pair is back in the long-term range that’s been in-play since 2016.

The longer-term range remains in-effect in USD/CAD, but the big question now is whether sellers can show follow through after a sizable reaction to resistance on Monday.

The U.S. Dollar took a major hit on Thursday with a bounce on Friday, moves that showed prominently in the USD/CAD pair. The longer-term range remains in place and this could keep bears in order until something changes.

Another key date for Trump tariffs comes into play next week after the Q2 open, with April 2nd being called ‘Liberation Day’ for the United States.

USD/CAD has been showing neutral price action in the short term. Over the last five sessions, price fluctuations have barely reached a 0.5% variation, as the pair continues hovering around a key barrier near the 1.43289 level.

The Canadian Dollar remains a focal point in tariff talks, and USD/CAD has a bull pennant formation while CAD/JPY has shown recovery potential and EUR/CAD a pullback following a strong breakout.

Canada remains at the center of President Trump’s focus and despite a strong sell-off in DXY, USD/CAD has held up well, building a bull pennant over the past couple of months.

The USD/CAD maintains a slightly bullish bias, accumulating a gain of over 0.7% in the last five sessions, favoring the U.S. dollar.