Ella 
The USD/CAD pair saw marginal gains during the Asian trading session on Thursday, breaking a three-day decline, although momentum remains subdued. Spot prices continue to hover below the key 1.3600 level as traders await significant macroeconomic data releases from the US and Canada for direction.
Investors are closely eyeing Thursday’s economic calendar, which includes the monthly Canadian GDP report and the final US Q4 GDP figures. Additionally, market participants are monitoring indicators such as Initial Weekly Jobless Claims, Pending Home Sales, and the revised Michigan Consumer Sentiment Index, which could impact the performance of the US Dollar (USD) and potentially offer short-term trading opportunities within the USD/CAD pair.
The pair’s inability to capitalize on its modest intraday gains suggests underlying cautious sentiment prevailing in the forex market, with traders exercising caution ahead of key economic data releases. The USD/CAD’s struggle to breach the 1.3600 mark underscores the significance of this psychological threshold and highlights the ongoing tug-of-war between the US Dollar and the Canadian Dollar.
As investors digest incoming economic data and assess market sentiment, the USD/CAD pair is likely to remain within a tight range, with any significant breakthrough above or below the 1.3600 level potentially signaling a shift in market dynamics. Traders will continue to monitor developments in global financial markets for clues about the pair’s future trajectory amid ongoing economic uncertainty and geopolitical tensions.
