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USD/CAD Forecast: US Dollar Rallies Against the Loonie Again

By Christopher Lewis
Fact-checker 24bulls
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.
24bulls.com is a company that offers a binary options platform and personal account management that was created with the specific goal of being the most customer-centric and technically advanced brokerage for both beginners and experienced traders.
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  • The US dollar has rallied a bit during the trading session on Thursday against the Canadian dollar as we continue to just go back and forth.
  • If you were paying attention yesterday, I said that we probably would do this, although I thought we might drop a little bit further.

Canada finds itself in a bit of a pickle here because quite frankly, they are almost solely reliant on the US for sales for their economy and sales of their commodities. So, the tariff war between the United States and Canada is detrimental to the United States, but it could be absolutely nuclear for Canada. Because of this, it's likely that we will continue to see the Canadian dollar weaken a bit.

Bank of Canada

USD/CAD Forecast Today 14/03: Rally USD (chart)

Now, that being said, it is worth noting that the market has been watching the Bank of Canada very closely, and they have essentially said, after cutting rates as expected on Wednesday, that there isn't a whole lot that the Bank of Canada could do in a tariff war. So really at this point, I think you've got a situation where the Americans and Canadians need to work things out before you even really imagine shorting the USD/CAD pair and quite frankly, the interest rate differential between the US dollar and the Canadian dollar still favors the upside. In fact, rates in America continue to climb. So with this being said, I think the 1.45 level above continues to be a significant amount of resistance. But if we were to break above there, on a daily close, then we could see the market go looking to the 1.48 level again. On pullbacks, the 1.43 level is likely to be supported right along with the 50-day EMA. Underneath there, then you would have the 1.42 level offer support.

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Christopher Lewis
Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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