USD/CAD Surges Past Key Resistance

The USD/CAD exchange rate has been on an upward trend, having gained more than 1% this month. Since September 8, it has climbed from 1.3757 to its current level of around 1.4020.

The pair cleared the resistance provided by the upper boundary of its ascending channel around 1.3880 and is now trading near the mentioned 1.4020 level.

The US Federal Reserve's hawkish rate hike and expectations of further tightening continue to support the dollar, with the DXY holding around the 100.00 mark.

Retreating oil prices have also weakened support for the Canadian dollar, with WTI pulling back sharply after recently trading above $107 per barrel.