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Loonie Drops on Election Shock – Is USD/CAD Set to Rally Further

⭐️The USD/CAD pair recovered from intraday losses, trading around 1.3840 in Tuesday’s early European session, as the Canadian dollar (CAD) weakened following Canada’s election results. Prime Minister Mark Carney of the Liberal Party retained power but secured only 167 of 343 seats, falling short of the majority needed for effective trade negotiations with the US. Carney declared the end of the US-led global trade system, unsettling the CAD. The USD gained from optimism in US-China trade relations, with Trump open to lowering tariffs, Beijing exempting some US imports, and ongoing talks with President Xi Jinping showing progress. Trump also proposed reducing auto tariffs, boosting market sentiment.

🔼BUY 1.37100 - 1.36900

SL 1.36600

TP1 1.37400
TP2 1.37900

🔽SELL 1.38800 - 1.39000

SL 1.39300

TP1 1.38500
TP2 Open

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