USD/CAD crashing landing to meet key support at 1.3280

Ross J Burland FXStreet

Currently, USD/CAD is trading at 1.3288, down -0.26% on the day, having posted a daily high at 1.3347 and low at 1.3276.

USD/CAD posted fresh lows on the back of WTI making high of $50.04 due to the possibility of a supply crunch: WTI jumps above $50 for the first time in three weeks

USD/CAD busted through 1.3320 to print fresh lows of 1.3277 in an extension of the recent supply from the 1.34 handle. However, the BoC policy decision now less than two weeks away. Key policymakers have maintained a remarkably dovish tone with recent comments from both DG Schembri and Governor Poloz highlighting ongoing concern about the economy’s material excess capacity and thus the loonie could come under pressure again when Central Banks are back in focus.

USD/CAD levels

USD/CAD is down to test a key level of support 1.3280 ahead of 1.3263 20th March lows. "We note the importance of near-term support at 1.3320 and look to sustained gains through the recent highs above 1.34," argued analysts at Scotiabank. 1.3344/50 is the near term resistance before a push through the 20-d sma at 1.3380. Yesterday's high is located at 1.3404 guarding 1.3480.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold consolidates the rebound below $5,000, US data eyed

Gold price consolidates the previous rebound below $5,000 in the Asian session on Thursday. The precious metal recovered on Wednesday amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Bitcoin approaches a critical zone: Bear pennant projects $56,000

Based on the most recent analyses from February 2026, the short answer is that it is highly unlikely that Bitcoin will reach $100,000 this month.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.