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Forex

CAD Holds Steady as Macklem Keeps Tightening Bias

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar has remained steady in recent trading, according to VT Markets. Bank of Canada Governor Tiff Macklem's comments align with the latest policy statement, weighing trade tensions against persistent price pressures.

Despite a weaker CAD potentially adding marginal inflation risk, the BoC treats foreign-exchange pass-through as delayed and limited.

The USD/CAD pair has been pressing resistance, breaking above the 50% Fibonacci retracement of the June, August fall. This move sets up targets at 1.4050 and then 1.4125, corresponding to the 61.8% and 76.4% retracement levels.

Derivative traders are advised to position for a stronger US Dollar against the Canadian Dollar in the coming weeks as the USD/CAD pair tests key resistance levels.

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