USD/CAD Eyes Further Losses Following Hawkish Remarks by BoC Gov

USD/CAD Eyes Further Losses Following Hawkish Remarks by BoC Governor

After a brief pause in its three-day losing streak, USD/CAD is hovering around 1.3380 during the Asian session on Monday. The Canadian Dollar (CAD) has gained momentum against the US Dollar (USD) following hawkish comments from Bank of Canada (BoC) Governor Tiff Macklem on Friday.

In his speech at the Canadian Club Toronto, Macklem hinted that the BoC is considering lowering the policy interest rate once they are confident that the economy is on a clear path back to price stability. This sentiment has bolstered the Canadian Dollar, putting additional pressure on USD/CAD.

Currently trading around 1.3382, the pair is entrenched in a strong bearish downtrend. The technical analysis suggests a potential short continuation, especially with the breakout of a Triangle pattern. Traders are eyeing downside targets of 1.3330 in the short term, with the possibility of extending losses to 1.3300.

As events unfold, market participants will closely monitor further developments, central bank communications, and economic indicators that could impact the trajectory of USD/CAD in the coming sessions.

Our preference

Short positions below 1.3450 with targets at 1.3330 & 1.3300 in extension.

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