USDCAD Targets Critical Support as Canada's Trade Balance Surges
Market Overview
The USDCAD pair has been on a downward trend, largely due to the market's expectation of aggressive rate cuts by the US Federal Reserve.
Technical Analysis
The pair is approaching critical support at 13740, with the 100-day and 200-day moving averages providing additional support at 13680 and 13650, respectively.
Fundamental Factors
The decline in the USDCAD pair has been partly attributed to a surge in Canada's trade balance. The country's positive trade performance has boosted market sentiment towards the Canadian dollar, putting pressure on the US dollar.
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