Home›Forex›Major Pairs›USD/CAD stays subdued for third straight day near 1.37…

USD/CAD stays subdued for third straight day near 1.3780

Crude prices rose after a US strike on Iranian tankers, while trade tensions are also growing as the US bans select Canadian products ahead of new measures on September 29.

Reported · Written up by our desk · Major Pairs

USD/CAD remained subdued for the third consecutive day, trading around 1.3780 during Wednesday’s Asian session, with the Canadian dollar supported by firmer oil prices, according to FXStreet.

The outlet linked the CAD move to higher crude after a US strike on several Iranian tankers near Kharg Island, a major export hub, which has heightened geopolitical concerns about potential disruptions to global oil supply. It also noted that the reported attacks followed an attempted missile attack on a US warship, with Tehran then launching ballistic missiles toward Jordan and issuing warnings to vessels in the Persian Gulf.

FXStreet also pointed to escalating trade tensions, saying the US is banning select Canadian products, including alcohol, dairy, and motor vehicles, as Canada’s retaliatory tariffs on US goods come into force. The new restrictive measures are set to take effect on September 29, after Canada implemented tariffs on billions of dollars of imported American goods.

On the technical side, the pair was described as holding below the short and medium-term exponential moving averages, with the nine-day EMA around 1.3819 and the 50-day EMA near 1.3920 acting as overhead resistance. The 14-day relative strength index was cited at about 38, indicating downside pressure still outweighs buying interest.

Latest closeWTI crude $94.28 ▲3.1%

More like this

Sources