USD/CAD rebounds from Monday's decline as tariff concerns ease
USD/CAD recovered 0.3% to 1.4320 following Monday's sharp 0.8% decline, as the dollar found footing amid reduced immediate tariff concerns. The pair's Monday selloff reflected broad dollar weakness and uncertainty over US-Canada trade relations, with markets pricing in potential economic disruptions. Today's rebound suggests traders are taking a more measured approach while awaiting concrete trade policy announcements. Oil prices remain stable near $81/barrel, providing neutral influence on the commodity-linked loonie. Technical analysis shows USD/CAD bouncing from support at 1.4280, with resistance now at 1.4350. The pair's near-term trajectory depends heavily on US trade policy clarity and oil market dynamics. Canadian GDP data later this week could provide additional directional catalyst for the loonie.
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