USDCAD Now Rejecting Resistance as the CAD Holds Its Ground
USDCAD, one of my favorite positions right now, is tapping into resistance that held nicely back in January 2026 and again in April. We tapped it and we are rejecting it as of now.
I want to see us stay below the 200-day. Right now we are just above it. But a close below it that holds would signal solid bear participation. I am targeting 1.3700 as a profit target, then trailing stops lower if it keeps trending.
The Canadian dollar is holding up quite nicely. It seems the market priced a worst case for Canada that is not showing up. Canada just posted its first current account surplus in four years, driven by record energy exports on higher oil. Despite all the tariff drama, the loonie is holding its own, and I like that relative strength.
I am broadly bearish on the dollar. EdgeFinder reads -8 on USD/CAD. Watch Jackson Hole and any Middle East headlines that could deter the trend.
read the full article here.
— Alan
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1August 27, 2026 2.7K 2
