USDCAD struggles to maintain bullish momentum as Canadian dollar gains strength
forexlive.com — January 29, 2025, 05:01 PM UTC
The USDCAD currency pair attempted to break through a key resistance area but fell short, reaching only 1.4464 before declining. Early comments from Tiff Macklem have strengthened the Canadian dollar, adding downward pressure. The price has dropped below the critical swing area of 1.44487 to 1.4466. A sustained move above this zone is needed to shift the market bias back to an upward trend. Currently, the short-term outlook remains negative. Key levels to monitor include yesterday's high at 1.4419 and the moving averages between 1.43798 and 1.43849.