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Trending
SYMBOL
LAST
BID
ASK
HIGH
LOW
NET CHG.
%CHG.
SPREAD
SPX
S&P 500 Index
6870.39
6870.39
6870.39
6895.79
6858.28
+13.27
+ 0.19%
--
DJI
Dow Jones Industrial Average
47954.98
47954.98
47954.98
48133.54
47871.51
+104.05
+ 0.22%
--
IXIC
NASDAQ Composite Index
23578.12
23578.12
23578.12
23680.03
23506.00
+72.99
+ 0.31%
--
USDX
US Dollar Index
98.830
98.910
98.830
98.960
98.810
-0.120
-0.12%
--
EURUSD
Euro / US Dollar
1.16524
1.16532
1.16524
1.16539
1.16341
+0.00098
+ 0.08%
--
GBPUSD
Pound Sterling / US Dollar
1.33378
1.33388
1.33378
1.33399
1.33151
+0.00066
+ 0.05%
--
XAUUSD
Gold / US Dollar
4199.13
4199.58
4199.13
4211.68
4190.61
+1.22
+ 0.03%
--
WTI
Light Sweet Crude Oil
59.830
59.867
59.830
60.063
59.752
+0.021
+ 0.04%
--
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USDCAD Rally Not Over Yet, Potential to Test 1.40 Ahead
Summary:
The Bank of Canada and the Federal Reserve both kept interest rates unchanged. With the August 1st tariff deadline approaching, investors remain cautious, fearing the U.S. may impose tariffs on Canadian exports, a factor that could further pressure the Canadian dollar.
EXPIRED
1.37000
Entry Price
1.38000
TP
1.36500
SL
1.38214 +0.00067 +0.05%
--
Pips
EXPIRED
1.36500
SL
1.37793
Exit Price
1.37000
Entry Price
1.38000
TP
Fundamentals
The Bank of Canada today maintained its overnight rate target at 2.75%, marking the third consecutive decision not to cut rates, in line with economists' and financial markets' expectations. From a yield perspective, the Canadian dollar (CAD) remains unattractive. Additionally, as the August 1st tariff deadline nears, investors remain wary of potential U.S. tariffs on Canadian exports, which could weigh further on the Canadian dollar.
The Federal Reserve kept its benchmark interest rate steady at 4.25%–4.50% in July, as widely expected. Although the policy statement leaned slightly dovish, the overall guidance remained neutral, with no clear signals on future policy direction. As a result, the U.S. Dollar Index (DXY) surged to a high of 99.9.
Technical Analysis
Regarding the daily chart, USDCAD shows an upward-expanding Bollinger Bands structure with diverging moving averages, a bullish signal. A golden cross is formed, alongside a bottom divergence, while prices are climbing along the upper Bollinger Band, the strongest uptrend structure. RSI is around 63, not yet overbought, suggesting further upside potential toward 1.39. Besides, prices have been rising within an uptrend channel in the 4H chart. As long as the trend channel's lower boundary holds, the uptrend is likely to continue. A break below could lead to a search for support. Notably, RSI briefly spiked to 77, entering overbought territory, which may trigger a pullback. Key support levels are the EMA200 and the lower Bollinger Band at 1.37 and 1.365, respectively. The strategy is to buy on dips.
Trading Recommendations
Trading direction: Buy
Entry price: 1.37
Target price: 1.38
Stop loss: 1.365
Support: 1.39/1.395/1.4
Resistance: 149.6/150/152.2
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