The move comes as fresh optimism surrounds the prospect of a renewed U.S.–Canada trade deal following Canada’s decision to withdraw its proposed Digital Services Tax. The removal of this tax—previously a key source of tension—has opened the door for resumed trade discussions, helping boost sentiment around the Canadian dollar and applying downward pressure to USDCAD.
Key support levels:
1.3591 – Minor swing level
Key resistance levels:
1.3668 – 50% retracement of June range
1.3703 - 200 hour moving average
The bias remains tilted to the downside while below resistance. A break of 1.3617 would shift the focus toward the yearly low. Reclaiming 1.3668 would ease some of the immediate bearish pressure.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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