USD/CAD Technical Analysis April 7, 2025
Current Price Levels and Technical Indicators:
As of 7:00 GMT on April 7, 2025, the USD/CAD pair is trading at approximately 1.4247. The Relative Strength Index (RSI) is at 46.47, indicating neutral momentum. The pair is trading near the 20-period Simple Moving Average (SMA), suggesting consolidation, and is also close to the 50-period SMA, reflecting a lack of strong directional bias.
Support and Resistance Levels:
Support: Immediate support is observed at 1.4113, with a stronger level at 1.4083.
Resistance: The first resistance level is at 1.4193, followed by a more significant barrier at 1.4223.
Fundamental Factors:
The recent implementation of extensive U.S. tariffs has heightened fears of a global recession, leading to increased market volatility. In response, the Bank of Canada has cut its key policy rate by 25 basis points to 2.75% to mitigate potential economic damage. Additionally, tumbling oil prices have undermined the Canadian dollar, as Canada is a major oil exporter.
Conclusion:
The USD/CAD pair is currently consolidating, with key support at 1.4113 and resistance at 1.4193. Traders should monitor ongoing trade tensions, central bank policies, and oil price movements, as these factors could significantly influence price action.
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