USD/CAD breaks below key support as dollar weakness accelerates
USD/CAD has declined sharply by 0.8% (110 pips) to 1.4350, driven by broad-based US dollar weakness across major pairs. The pair broke decisively below the 100-hour moving average at 1.4420 and the 38.2% Fibonacci retracement of the May-June rally, confirming bearish momentum. Technical rejection at the 100-hour MA during Asian trading solidified seller control, with the pair now testing the 1.4340 support zone. The move reflects growing concerns about US economic resilience and potential Federal Reserve policy shifts, while Canadian dollar strength is supported by stable oil prices near $81/barrel. Immediate support lies at 1.4320 (50% retracement), with resistance now established at 1.4420-1.4450. A sustained break below 1.4320 could accelerate losses toward the 1.4250 psychological level, particularly if upcoming US data disappoints market expectations.
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