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USD/CAD Rebounds to Challenge 1.3550 Resistance Amid Market Caution and Economic Indicators


4 December 2023 Written by Stephane Dubois  Senior Market Analyst Stephane Dubois

The USD/CAD pair has shown resilience at the start of the week, bouncing from a low of 1.3475 to test the previously established support, now turned resistance, at 1.3550. This rebound follows a substantial sell-off late last week, which had driven the pair to two-month lows, dipping below the 1.3500 mark. Technically, the USD/CAD pair still exhibits a broader bearish trend, although the negative momentum has shown signs of easing. A successful break above the 1.3550 resistance level could pave the way for the pair to target the next resistance at 1.3620. Conversely, key support levels are identified at 1.3475 and 1.3420, which may provide a cushion against further downside movements.

Factors Influencing the Pair's Movement

Technical Analysis and Key Levels 

As the USD/CAD pair tests the 1.3550 resistance amid a cautious market mood and various economic factors, traders and investors will closely watch the upcoming U.S. employment data and the BoC's policy decisions. These events, along with oil price trends and broader market sentiment, are likely to significantly influence the pair's trajectory in the near term.

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