The Canadian dollar has been gaining momentum against the USD. A multiple top in place since September 2022 has worked as a valid resistance, developing a long term trading range between 1.3950-1.31.
Today USD/CAD is sliding with moderation, down 0.21% to 1.3459. This price is almost a central value in the long term range. Recent rise in price of Crude Oil and dovish expectations from the Federal Reserve, contributed to the favorable momentum for the Canadian dollar.
The Bank of Canada cut interest rates by 25 basis points on both its June and July meetings. Rates now are at 4.5% and the next meeting for interest rate decision will be on September 4, where is expected another rate cut of 0.25%
