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4 April 2025,02:55
Trade Of The Day
4 April 2025, 02:55
*The US dollar remains under pressure as global sentiment turns increasingly negative toward US trade policies. In response, several major economies have initiated retaliatory measures, including boycotting US goods and introducing additional tariffs. Meanwhile, the Canadian dollar shows signs of strength after the Canadian Prime Minister pledged to take a firm stance rather than remain passive. With geopolitical uncertainties persisting, the short-term outlook for USD/CAD remains bearish.
* USD/CAD continues its downward trajectory after breaking below the key support level of 1.4155. The MACD indicator signals strengthening bearish momentum, while the RSI at 33 suggests the pair may extend its decline. If the downward trend continues, USD/CAD could test the next support level at 1.3845. However, if selling pressure eases, a potential rebound toward the 1.4155 resistance level may occur.
Developments in the ongoing trade war could introduce heightened volatility in USD/CAD, with unexpected policy shifts from the US potentially reversing the current trend.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Keep an eye on potential trade war, and Nonfarm Payrolls report for further market direction by following PU Xtrader’s financial news page.
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