USD/CAD extends 6-day rally, breaks above 100-day MA at 1.3853
USD/CAD has surged to 1.3853, marking its sixth consecutive day of gains and adding 278 pips from the July 23 low of 1.3575. The pair's impressive 2.05% rally has been driven by diverging monetary policy expectations between the Federal Reserve and Bank of Canada, with markets pricing in potential BoC rate cuts amid softening Canadian economic data. The breakthrough above the key 100-day moving average at 1.3840 signals strong bullish momentum, attracting technical buyers to the market. Oil price weakness has further pressured the commodity-linked Canadian dollar, as WTI crude trades near monthly lows. Immediate resistance lies at 1.3870 (June high), while the newly conquered 100-day MA should provide support. A sustained break above 1.3870 could open the path toward the psychological 1.4000 level, making this a critical juncture for trend continuation.
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