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Forex

CAD Holds Firm vs Soft USD, But Rally Lacks Conviction Amid Rate Cut Expectations

Guavy AI Editorial Team
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The Canadian dollar (CAD) has maintained its strength against the US dollar (USD), with USD/CAD trading near 1.3600 on Thursday.

This resilience is largely due to a softening US dollar and steady oil prices, which provide support for the loonie.

However, the Canadian dollar's upside remains limited by expectations of a rate cut from the Bank of Canada (BoC) in July, as well as mixed domestic economic data.

From a technical standpoint, USD/CAD is trading within a familiar range, with support at 1.3580 and resistance at 1.3640.

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