USD/CAD is facing a continuous drop for the last two sessions. Higher Crude oil prices provide gains to the Canadian Dollar, followed by the Canadian CPI. Strong fallback in US Dollar from the weekly high as Fed kept its benchmark interest rate unchanged. In the early European session, USD/CAD resumed its previous session’s losses. On Thursday, the USD/CAD price goes against the market’s expectations and breaches the 1.2500 psychological level. The USD/CAD pair is trading at 1.248 noted in the recent hours. It is considered as a decline of 0.32% today. –Are you interested to learn more about automated trading? Check our detailed guide- Furthermore, Canadian CPI data for June reported at 3.1% against the 10-year high of 3.6% in May while the market forecast was at 3.2%. It helped the Canadian Dollar against the Greenback. The prices of crude oil increased that lifted the optimism of the financial markets. Also, it assisted in improving the market sentiments that allow the Loonie to regain its value from lower levels. One of the major exports of Canada, crude oil, recently traded at almost $72.62 with an increase in gains by 0.32%. Get FREE Forex Signals Now! The US Dollar Index tracks the Greenback performance against its six major competitors. Still, the US Dollar Index (DXY) maintains its position in lower levels at 91.15. Fed used a diplomatic way to cap any upside momentum in the Greenback. Fed tried to maintain its benchmark interest rate at the record-low level of zero. It is all because of growing issues over the exponentially rising inflation and Delta variant exposure. The economic proceedings peruse the traders to look towards the US Price Consumption Expenditure Index (PCE), Gross domestic product (GDP), and Initial Jobless claims data. It will provide a driving force for traders to find a fresh trading impetus. –Are you interested to learn more about forex signals? Check our detailed guide- USD/CAD price technical analysis: Bears to crack 200-SMA The USD/CAD maintains a bearish outlook amid today’s fall under 1.2470, with today’s daily change of -0.40%. USD/CAD still remains supported by the 200-period SMA on the 4-hour chart. Also, the 50-period and 100-period are pointing in a downward direction predicting more losses. USD/CAD price on 4-hour chart Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next AUD/USD Price: Upside Confirms After 0.7430 Level Breakout Saqib Iqbal 2 years USD/CAD is facing a continuous drop for the last two sessions. Higher Crude oil prices provide gains to the Canadian Dollar, followed by the Canadian CPI. Strong fallback in US Dollar from the weekly high as Fed kept its benchmark interest rate unchanged. In the early European session, USD/CAD resumed its previous session's losses. On Thursday, the USD/CAD price goes against the market's expectations and breaches the 1.2500 psychological level. The USD/CAD pair is trading at 1.248 noted in the recent hours. It is considered as a decline of 0.32% today. -Are you interested to learn more about automated trading?… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.