The Canadian Dollar (CAD) strengthened significantly on Wednesday, reaching its highest level against the US Dollar (USD) in a week. The CAD/USD exchange rate saw a notable uptick, reflecting a shift in market sentiment as the USD receded amid ongoing economic concerns. This movement indicates renewed buying interest in CAD, driven by rising crude oil prices and positive domestic economic signals.
Traders closely monitored the technical levels, with the CAD breaking above key resistance at 1.3500. Analysts suggest that sustained momentum could push the currency pair further north, potentially testing the 1.3400 level in the coming sessions. With the USD under pressure from softer economic data, the outlook for the CAD remains bullish as investors reassess their positions in the forex market.
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Data Source: FX Killer Analysis Team Updated: 2025-11-26 21:17
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.