(Typo in title corrected)

• USD/CAD is hovering around levels last seen in April 2025

• Although repeated failures to break cleanly through 1.4248 suggests topside momentum is slowing

• There is no clear catalyst for a CAD rebound yet

• US yields are continuing to drift higher (10s at 5.29%), which keeps dollar dips shallow and biased to the upside

• Initial support comes in at 1.4180 (200-hour MA), with a deeper cushion at 1.4126-40. Resistance: 1.4300

• In the near-term, the bias leans towards consolidation leading into the CA labour market report (due Oct 9)
usdcad hourly chart

Justin McQueen is a Reuters market analyst. (The views expressed are his own) ((Email: ))