• USD/CAD broadly flat, but sustained trade sub-1.4200 keeps near-term bias skewed lower

• 200-hour MA cluster at 1.4140–65 in focus, further support at 1.4140

• Clean break below needed to validate downside momentum and extend pullback

• Event risk elevated into July 1 USMCA deadline, so headline sensitivty remains high

• Any headlines pointing to a USMCA exit could see USD/CAD reverse sharply higher

• Spot would likely take out the recent highs ~1.4250 and push for a move to 1.45
USDCAD


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