empty
 
 
pt
Suporte
Abertura instanânea da conta
Plataforma de negociação
Depósito/Retirada

06.08.202612:39 Forex Analysis & Reviews: USD/CAD: analysis and outlook. Canadian dollar retains advantage versus US dollar

Relevance up to 06:00 2026-08-07 UTC--4

Exchange Rates 06.08.2026 analysis

The USD/CAD pair is trading lower on Thursday, with bears targeting a break of the psychological 1.4000 level.

Exchange Rates 06.08.2026 analysis

Oil prices have recovered slightly after hitting a more-than-three-week low yesterday, following missile attacks by Houthi forces from Yemen — backed by Iran — on Saudi oil tankers in the Red Sea. These events raise concerns about possible supply disruptions along this key route, which in turn supports the Canadian dollar, a commodity-dependent currency. However, hopes for a potential peace agreement between the US and Iran are keeping the US dollar on the defensive, adding pressure to USD/CAD.

Exchange Rates 06.08.2026 analysis

Esmail Bagai, a spokesman for Iran's Foreign Ministry, said Iran and Oman are close to finalizing work on a proposed framework for commercial shipping through the Strait of Hormuz. This has generated optimism about a possible diplomatic resolution to the five-month US–Iran dispute, which, together with softer forecasts for Federal Reserve rate hikes, does not support demand for the US dollar. Nevertheless, traders appear reluctant to open aggressive positions ahead of upcoming key monthly employment reports.

The widely watched US nonfarm payrolls (NFP) and Canada's employment data released on Friday are expected to have a significant impact on USD/CAD. Also keep an eye on developments in the Middle East. Given the mixed fundamental backdrop, it makes sense to wait for a continuation of the sell-off before opening positions to play another leg down from the instrument's June highs.

From a technical perspective, on the daily chart, USD/CAD retains a short-term bearish bias and is trading below the 50-day simple moving average (SMA) at 1.4070. Failure to clear that level points to continued selling, and the currency pair is consolidating near the lower band of its recent range. A daily close above the SMA would open the door to a deeper corrective bounce, while sustained trading below it would raise the risk of further declines. Oscillators are negative, leaving the bears in control.

Exchange Rates 06.08.2026 analysis

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Irina Yanina,
Analytical expert of InstaSpot
© 2007-2026
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

Não pode falar agora?
Faça sua pergunta no chat.