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USD/CAD Climbs to Three-Week High as Dollar Strength, Oil Dip Weigh on Loonie

Elena by Elena
10/05/2025
in News
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The USD/CAD pair extended its recovery for the third consecutive session on Friday, climbing to a three-week high near the 1.3940–1.3945 zone during the Asian session. This fresh upside is underpinned by sustained U.S. Dollar (USD) strength, technical momentum, and a subdued Canadian Dollar (CAD) amid softer crude oil prices.

The U.S. Dollar Index (DXY) pushed toward a one-month high following the Federal Reserve’s hawkish policy hold earlier this week, reinforcing market expectations that rate cuts may not be imminent. Adding to the USD’s bullish tone, progress in U.S.-UK trade negotiations has tempered fears of a global trade war and boosted investor confidence in the U.S. economy. Attention now turns to this weekend’s critical U.S.-China tariff discussions in Switzerland, which could further influence risk sentiment and currency flows.

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Meanwhile, crude oil prices—closely correlated with the CAD—edged lower after a strong rebound on Thursday, denting the appeal of the commodity-linked Canadian currency. This, combined with a technical breakout above the 1.3900 resistance zone, added to the bullish momentum in USD/CAD.

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Still, optimism around a potential U.S.-Canada trade deal could act as a counterbalance, limiting the pair’s upside. U.S. Commerce Secretary Howard Lutnick stated Thursday that Washington is preparing to announce numerous trade agreements in the coming month, which may include a revised framework with Ottawa.

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Outlook and Key Events:

While USD/CAD appears to have carved out a short-term bottom, near-term direction may hinge on the release of Canada’s monthly employment report later today. Oil market dynamics and a slew of upcoming speeches from Federal Open Market Committee (FOMC) members will also be closely monitored for trading cues.

Technical Snapshot:

Immediate resistance: 1.3945, followed by the psychological 1.4000 level

Support levels: 1.3900 (breakout zone), 1.3840, and 1.3775 (week’s low)

Bias: Bullish, with room for extension if Canadian jobs data disappoints or oil remains weak

Related Topics:

  • Current CAD Exchange Rate: 3000 CAD in USD
  • Current CAD Exchange Rate: 30,000 CAD in GBP
  • Current CAD Exchange Rate: How Much Is 500 CAD to INR?
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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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