USD/CAD Price Forecast: Posts fresh two-month low below 1.3900
The Canadian Dollar (CAD) outperforms a majority of its currency peers on Friday, with the USD/CAD pair trading 0.32% lower at around 1.3888. The Canadian currency gains on hopes of a United States (US)-Canada interim deal.
The Canadian Dollar (CAD) outperformed many of its currency counterparts on Friday, trading at approximately 1.3888 against the US Dollar (USD), marking its lowest level in two months. This downward movement in the USD/CAD pair was influenced by expectations of a United States-Canada interim trade deal, with a Canadian government source indicating that negotiations were progressing favorably.
Meanwhile, the US Dollar faced downward pressure due to expectations of a September Federal Reserve (Fed) meeting where policymakers may hold off on raising interest rates, as inflation remained at elevated levels. Technical analysis of the USD/CAD pair suggests that the pair may struggle to break above the 50.0% Fibonacci retracement level of 1.3902, which currently serves as immediate resistance. Conversely, support is found at the 61.8% Fibonacci retracement level of 1.3819.
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