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USD/CAD Hovering at Crucial Support Level
The USD/CAD pair is teetering near 1.3720, with traders eyeing key Canadian employment data to break the recent quiet and possibly signal a trend reversal.
Key Takeaways:
- USD/CAD is testing support around the 1.3720 level, coinciding with the 20-day SMA and July 2023 trendline.
- Bullish crossover in SMAs and stochastic oscillator suggest potential upside.
- RSI and MACD indicate possible continued weakness.
- Canadian employment data is a key catalyst for volatility.
The USD/CAD pair is currently navigating a critical juncture, attempting to hold above a confluence of support levels around 1.3720.This area is bolstered by the 20-day simple moving average (SMA) and a trendline that has confined price action since July 2023. Despite the backdrop of ongoing U.S. import tariffs, the marketS attention is increasingly focused on upcoming Canadian employment data, which has the potential to substantially influence the pair’s trajectory.
From a technical perspective
