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Forex

USD/CAD Surges Near 1.4000 on Hawkish Fed Tone

Guavy AI Editorial Team
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EUR USD CAD
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The USD/CAD exchange rate continues to show strength near 1.4000 after the US Federal Reserve's recent interest rate hike and hawkish tone.

On Friday, the pair was trading at around 1.3995 in early European hours, with bullish signals from the Relative Strength Index (RSI) supporting an upside move.

The initial support level is seen at 1.3945, while the first resistance barrier emerges at 1.4080, according to Mitrade's analysis.

Scotiabank strategists note that the CAD has underperformed compared to its major currency peers following the Fed's interest rate hike on Wednesday, leaving it a clear laggard in the session.

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