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USD/CAD Price Forecast: Extends recovery above 1.4400

James Carter
James Carter

James Carter

James is a seasoned forex trader and financial analyst with...

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James Carter

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The USD/CAD pair extended its rebound, breaking above the 1.4400 level as a stronger US Dollar dominated market sentiment. Rising expectations of prolonged monetary tightening by the Federal Reserve supported the greenback, overshadowing any gains in crude oil prices that typically benefit the Canadian Dollar.

The Canadian Dollar, closely tied to oil performance, failed to capitalize on recent stability in energy markets. Investors remained focused on the Fed’s hawkish tone and the impact of rising US Treasury yields, which drove demand for the Dollar across global markets. This divergence in economic outlooks between the US and Canada added to the pair’s upward momentum.

USD/CAD 1-D Chart as of January 17th, 2025 (Source: TradingView)

Risk sentiment also contributed to the pair’s moves, with traders showing caution ahead of key economic releases from both countries. USD/CAD remains supported by safe-haven flows, as concerns over global growth and market volatility favor the Dollar.

While the current recovery signals strength for USD/CAD, analysts suggest resistance near 1.4500 could limit further upside. Upcoming data on inflation and employment will be critical in determining the pair’s trajectory in the near term.

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