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USD/CAD holds near the mid-1.4200s as oil supports Canada’s currency

The pair remains near its highest level since April 2025, with neutral RSI reading 52.7 signaling no overbought momentum.

Reported · Written up by our desk · Major Pairs

USD/CAD drew some selling during the first half of the European session on Thursday but lacked follow-through, leaving the pair trading around the mid-1.4200s and nearly unchanged on the day, according to FXStreet.

FXStreet said the dollar remained supported near an 18-month high as the Federal Reserve’s hawkish stance and elevated US bond yields helped the safe-haven USD, while geopolitical uncertainties also played a role.

At the same time, FXStreet noted that renewed risk of escalation in the Middle East lifted crude oil prices, which tends to support the Canadian dollar and weigh on USD/CAD.

From a technical perspective, FXStreet said the exchange rate is still close to the highest level since April 2025, with an RSI of 52.7 indicating neutral momentum and MACD marginally below zero, suggesting limited upside follow-through.

Latest closeWTI crude $89.70 ▼1.6%

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