- USD/CAD slump for the first time in three days after posting losses of almost 1.70%.
- USD/CAD fell amid US dollar weakness across the board.
- USD/CAD: The 1-hour chart depicts a triple top chart pattern, with a target of 1.2530.
USD/CAD struggles to gain traction above 1.2600, is falling 0.31%, trading at 1.2549 during the New York session at the time of writing. The Canadian dollar has been under selling pressure, as witnessed by the price action in the last three days, down almost 1.70%. Nevertheless, on Friday, the Loonie has recovered some ground, mainly driven by USD profit-taking.
DXY falls as the weekend approaches but holds to the 95 figure
Meanwhile, the greenback is falling against most G8 currencies. The US Dollar Index measurement of the buck against six currencies slides 0.02%, sitting at 95.12. Contrarily, US T-bond yields rise, with the 10-year benchmark note rising two basis points, currently at 1.58%.
USD/CAD direction would lie in the hands of the Bank of Canada (BoC) and US dollar dynamics. However, on Wednesday, US inflation rose to a 30-year high above 6%, which spurred an upside move in US Treasuries and the US dollar.
On the macroeconomic front, the US economic docket featured the University of Michigan Consumer Sentiment Index for November edged lower to 66.8, lower than the 71.7 in October, marking the lowest reading since November 2011.
USD/CAD Price Forecast: Technical outlook
The 1-hour chart depicts a technical move that spurred the recovery of the Loonie. A triple-top chart pattern formed around the 1.2570-1.2600 range. The price broke below the neckline around 1.2567, which would act as resistance in case of an upward swing. Further, the USD/CAD price is under the 50-simple moving average (SMA), exerting additional selling pressure on the pair. The triple-top target is 1.2530, an area that confluences with the 50-day moving average (DMA).
A break below the triple’s top target would expose the 100-SMA around the 1.2500 figure.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks

AUD/USD: There is a solid support around 0.6300
The selling bias in AUD/USD remained unabated for the fourth day in a row on Wednesday, with spot putting the key 0.6300 contention zone to the test amid a recovery in the US Dollar and tariffs concerns.

EUR/USD: The inability to surpass 1.0500 could spark a deeper correction
EUR/USD reversed two consecutive daily advances, closing below the 1.0500 barrier following another unsuccessful attempt to challenge the YTD peaks near 1.0530 amid a decent bounce in the Greenback.

Gold finding buyers on intraday dips
As the US Dollar continues to lose momentum, Gold prices have reversed their initial dip and reclaimed the key $2,900 per troy ounce mark—and beyond—while investors gear up for President Trump’s upcoming speech.

Top 3 buy zones for Bitcoin as buy signal flashes on BTC price chart
Bitcoin (BTC) hovers around the $87,000 level on Wednesday after traders faced massive liquidations following the largest cryptocurrency’s crash under the $90,000 support level.

February inflation: Sharp drop expected in France, stability in the rest of the Eurozone
Inflation has probably eased in February, particularly in France due to the marked cut in the regulated electricity price. However, this overall movement masks divergent trends. Although disinflation is becoming more widespread, prices continue to rise rapidly in services, in France as well as elsewhere in the Eurozone.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.