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Canadian Dollar Technical Outlook- USD/CAD Bulls Face Their Biggest Test
Canadian dollar technical outlook is approaching a decisive breakout as USD/CAD tests major resistance after six consecutive weeks of gains. Michael Boutros, Senior Market Analyst at FOREX.com, explains the key technical levels to watch, why 1.4239 is the critical breakout zone, and how this week's FOMC minutes and Canadian employment report could determine the next major move for the pair.
Date:
07.07.2026 |
Source:
forex.com
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Quotes
| Instrument | Price | Change (%) |
|---|---|---|
| EURUSD | 1.142860 | -0.15975% |
| GBPUSD | 1.337460 | -0.099343% |
| USDJPY | 161.876000 | -0.1197% |
| XAUUSD | 4144.360000 | -0.49831% |
| USDCAD | 1.418610 | -0.11688% |
| NZDUSD | 0.569110 | -0.18948% |
| USDCHF | 0.806610 | +0.24731% |
| AUDUSD | 0.694220 | -0.23364% |
| EURGBP | 0.854450 | -0.017552% |
| EURJPY | 185.006000 | -0.23942% |
| GBPJPY | 216.508000 | -0.19453% |
| AUDJPY | 112.372000 | -0.27865% |
| CADJPY | 114.103000 | +0.060508% |
| CHFJPY | 200.668000 | -0.31495% |
| NZDJPY | 92.115000 | -0.26743% |
| GBPCHF | 1.078770 | +0.11787% |
| EURCHF | 0.921850 | +0.11729% |
| USDMXN | 17.491100 | +0.72617% |
| USDZAR | 16.238500 | +0.27244% |
| USDTRY | 46.828300 | +0.022427% |
| USDRUB | 76.440000 | -0.70909% |
| USDSEK | 9.664150 | +0.55343% |
| USDCNY | 6.783700 | -0.02358% |
Upcoming Important Events
| Time | Country | Event | Forecast | Previous |
|---|---|---|---|---|
| 08.07.2026 | ||||
| 18:00 | 🇺🇸 | FOMC Minutes | ||
| 09.07.2026 | ||||
| 01:30 | Inflation Rate YoY (Jun) | 1.1 | 1.2 | |
| 14:00 | 🇺🇸 | Existing Home Sales (Jun) | 4.2 | 4.17 |
| 10.07.2026 | ||||
| 12:30 | 🇨🇦 | Unemployment Rate (Jun) | 6.6 | 6.6 |
| 14.07.2026 | ||||
| 00:30 | 🇦🇺 | Westpac Consumer Confidence Change (Jul) | 2.5 | -2.9 |
| 01:30 | 🇦🇺 | NAB Business Confidence (Jun) | -12 | -14 |
| 03:00 | Balance of Trade (Jun) | 110 | 105.43 | |
| 03:00 | Exports YoY (Jun) | 19.4 | ||
| 03:00 | Imports YoY (Jun) | 27.4 | ||
| 12:30 | 🇺🇸 | Core CPI MoM (Jun) | 0.2 | |