USD/CAD remains bearish below 1.38 as oil stabilizes, US PMI awaited
USD/CAD maintains a bearish outlook while trading below the 1.3800 resistance level, currently hovering near 1.3750 as WTI crude oil prices stabilize around $81 per barrel. The pair has declined 0.8% this week following President Trump's remarks that eased geopolitical tensions and reduced safe-haven dollar demand. Canadian dollar strength is supported by steady oil prices and improving risk sentiment globally. Technical indicators suggest further downside potential with immediate support at 1.3720 and stronger support at 1.3680. Traders are closely watching today's US PMI data, which could influence Federal Reserve rate expectations and dollar momentum. A reading below consensus might accelerate USD/CAD's decline toward 1.3650, while stronger data could prompt a retest of 1.3800 resistance. The correlation with oil prices remains crucial for near-term direction.
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