USD/CAD Hits Monthly High at 1.3780 on Geopolitical Tensions
USD/CAD has surged to a monthly high of 1.3780, marking its fifth consecutive winning session with a 0.4% gain amid escalating Middle East tensions. The Canadian dollar weakens despite oil's initial spike, as broader USD strength and risk-off sentiment dominate. The pair has broken above the key 1.3750 resistance level, with momentum indicators suggesting further upside potential. Oil prices paradoxically haven't supported CAD as geopolitical uncertainty drives safe-haven flows to USD. Technical analysis shows next resistance at 1.3820 (May high), while support has formed at 1.3730. The Bank of Canada's recent dovish stance continues to weigh on CAD, with markets pricing in additional rate cuts this year. Traders watch for a sustained break above 1.3800 psychological level to confirm bullish continuation toward 1.3850.
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